Square Inc. is losing its Chief Financial Officer, and investors might be perturbed.
Following Wednesday’s announcement from the financial technology/digital payment service company that its CFO Sarah Friar is leaving the firm to join social networking company Nextdoor as CEO, Square stock dropped -15%.
Square’s CEO Jack Dorsey (also CEO of Twitter) indicated that he was “saddened” by Friar’s resignation, but at the same time respected her “lifelong ambition to run her own company." Dorsey also described Friar as “an amazing leader, partner, and friend”.
Square’s stock plunge comes at a time of a broader tech sector decline. The company, however, has managed to gain +113% in stock price for the year so far.