Payment company Square's chief financial officer Sarah Friar will step down and take a job as CEO of Nextdoor, resulting in the shares dropping as much as 8% on the announcement given Sarah's long tenure at SQ and impact and leadership on its various product lines.
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Square CFO steps down, shares fall
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Friar isn’t a “normal” CFO, Andrew Jeffrey, an analyst at SunTrust Robinson Humphrey, wrote in a note to investors. “Her leadership in many ways has been more instrumental to Square’s emergence as a true payments disrupter and impressive growth story than CEO, Jack Dorsey’s.” Dorsey, in a tweet, credited Friar with helping steer the company through its IPO and said his sadness at her departure was outweighed by his joy that she is“finally fulfilling” her “lifelong dream” to become a CEO.
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