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Jack Dorsey's Square Inc. announced Wednesday that CFO Sarah Friar is leaving the financial technology company to become general manager of the Nextdoor social network.
Shares fell by more than 10% in secondary market trading after the announcement of Ms. Friar's departure. They had already fallen more than 10% Wednesday before the market closed, a day down 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, a Square Board member and former Chief Financial Officer.
Goldman Sachs Group
Inc.
A former Goldman Sachs research analyst and
Salesforce.com
Inc.
Senior executive, Ms. Friar joined Square in 2012, when the company was better known for its white credit card readers who were connecting to smartphones. In 2015, she guided Square as part of an eventful initial public offering and played the role of face of Square to Wall Street, an important role given that Mr. Dorsey also runs another public company,
Twitter
Inc.
Ms. Friar has also been instrumental in Square's expansion into financial services, ranging from small business loans to the opportunity for consumers to buy and sell bitcoin through Cash App, the money transfer service. from Square. In recent years, she has assumed additional responsibilities outside of Square, including as a member of the Board of Directors of
Walmart
Inc.
and Slack Technologies Inc.
In a note to employees, Mr. Dorsey stated that Ms. Friar's ambition was always to serve as CEO and that Square's goal was to "create an organization that does not depend on anyone, including understood from me ".
"This is an important step in achieving this goal," he added.
Nextdoor operates private social networks tailored to specific neighborhoods across the country, providing members with a platform to share everything: local newspaper articles, references to child care services.
At the transition of his new position, 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 employs 225 people full-time and is a private company.
Nextdoor Chairman Nirav Tolia said in a blog that Ms. Friar was "one of Silicon Valley's most respected leaders." Mr. Tolia has been the executive director of Nextdoor until this summer.
Maria Armental contributed to this article.
Write to Peter Rudegeair at [email protected]
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