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Shares of the financial technology company fell nearly 15% after Wednesday's announcement of the departure of Chief Financial Officer, Sarah Friar, to become the CEO of Nextdoor.
Square CEO Jack Dorsey, who also runs Twitter, told employees he was "saddened" by the news. He acknowledged that Friar had "the ambition to always run his own business".
He added, "Sarah has left us with a corporate culture of culture and discipline, she has been a leader, a partner and a great friend, and we are grateful for all that she did for Square. "
Dorsey too refuted a message on Twitter calling his departure "big" because it is "running" Square's huge growth. The payment company offers digital readers and allows mobile phone and tablet users to accept card payments.
"We are organized by business units like Cash, Caviar, Seller, Capital … and a manager / CEO for each," he said. replied. "They are running, not me or Sarah Square is built to be a sustainable ecosystem."
Friar, who has been working with Square since 2012, joined Nextdoor in December. The website describes itself as a "leading private social network for neighborhoods".
Thursday's loss is attributable to a wider sale of technology stocks with a negative impact on the markets. Despite everything, Square's shares have climbed 113% for the year.
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