Square stock was hit hard today on news that CFO Sarah Friar is leaving the company.
According to Square (NYSE:SQ), Sarah Friar is planning to stay with the company through December 2018. This will allow for a more orderly transition as the company searches for its next CFO to replace Friar.
While the news is bad for Square stock, the company says it is already beginning plans to start searching for its next CFO. David Viniar, Lead Independent Director at Square, will be leading this search. Viniar is also a former CFO of Goldman Sachs (NYSE:GS).
“These past six years at Square have been an incredible journey,”Sarah Friar said in a statement. “It is rare to work at a company that aligns such a meaningful purpose with unbounded market opportunity. It has been a privilege to work with such a talented executive team, who pushed me and the company to move further and faster every day.”
So why exactly is Sarah Friar leaving Square behind. Well it certainly isn’t to hurt Square stock. Instead, the Square CFO is leaving the company to take on the role of CEO over at social networking service Nextdoor.
Jack Dorsey, the CEO of Square, says that he is grateful for the time that Sarah Friar spent with the company. This includes leading it through its IPO and helping set up its current business ecosystem.
SQ stock was down 9% as of noon Thursday, but is up 114% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.