Jack Dorsey & # 039; s Square loses its CFO
Jack Dorsey & # 039; s Square loses its CFO
Jack Dorsey 's Square Inc. said Wednesday that chief financial officer Sarah Friar will leave the financial technology company to become executive director of neighborhood social network Nextdoor.
Shares fell more than 10% in the aftermarket after the announcement of Ms. Friar's departure. They had already fallen more than 10% on Wednesday before the market closed. A low day for the wider market..
.
Ms. Friar will remain in her current position in December, the company added. The search for his successor will be led by David Viniar, Square's board member and former chief financial officer of
Goldman Sachs Group
Inc.
A former research analyst at Goldman Sachs and
Salesforce.com
Inc.
As an executive, Ms. Friar joined Square in 2012, when the company was best known for its readers of white credit cards that connected to smartphones. She guided Square through a rocky initial public offering in 2015 and was the face of Square to Wall Street, an important role given that Mr. Dorsey also runs another public company,
Inc.
Ms. Friar also played a pivotal role in Square's expansion to financial services, from loans to small businesses to consumers buy and sell bitcoin through Cash App, Square's money transfer service. In recent years, he assumed additional responsibilities outside of Square, including joining the Boards of Directors of
Walmart
Inc.
and Slack Technologies Inc.
Mr. Dorsey said in a note to employees that it was always Mrs. Friar's ambition to serve as CEO and that Square's goal is "to build an organization that does not depend on any person, including me."
"This is an important milestone towards that goal," he added.
Nextdoor operates private social networks tailored to specific neighborhoods across the country, providing a platform for members to share everything from local news articles to references on nannies.
As he makes the transition to his new job, Mr. Friar will have to get used to a much smaller organization. Square has more than 2,000 employees and a market value of more than $ 30 billion. Nextdoor has 225 full-time employees and is a private company.
Nextdoor president Nirav Tolia said in a blog post that Ms. Friar was "one of the most respected executives in Silicon Valley." Tolia had served as CEO of Nextdoor until this summer.
-Maria Armental contributed to this article.
Write to Peter Rudegeair in Peter.Rudegeair@wsj.com
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