CFO at Square Stepping Down, Shares Plunge 8%

Square, the payment company, announced on Wednesday that its CFO Sarah Friar would step down to take the CEO position at Nextdoor.

Shares of the company, run by Jack Dorsey the CEO at Twitter, fell by up to 8% in trading afterhours.

Square CEO Dorsey in a note to his employees said he was saddened to hear Friar was leaving as he was expecting unrealistically to work with Sarah for many years. Unrealistic he added, because he knew of Friar’s ambition to run a company of her own.

The current Nextdoor CEO will step down from the role following eight years of running the business. Nextdoor, which was founded in 2010, is a social network for local neighborhoods.

Square, which is based in San Francisco, is best known for its processor for credit cards, payment hardware and its Cash app. Square has expanded as well into lending to small businesses through its Square Capital, which was launched four years ago.

Recently Friar hinted there would be more moves into banking.

Friar helped Square to go public during 2015 and build an expanding ecosystem of businesses that will grow into the future, said Dorsey in a company press release.

Although shares of Square took a beating during afterhours trading on Wednesday, the stock is up more than 130% year over year and has surged by over 105% during the 2018 calendar year alone.

No replacement was named by Dorsey for Friar and no word of when that might take place.

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