Square's shares are a resounding success after the announcement of the CFO's departure

The shares of the payment processing company Square (sq) were a resounding success after Financial Director Sarah Friar announced that she would step down as CFO in December to become the next CEO of the social network Nextdoor local. She also sits on the boards of Slack and Walmart.

Friar was an important part of Square since taking office in 2012 and led the company during its IPO in 2015. She had long had the ambition to run her own business, but that was apparently not in the cards at Square. This means that Jack Dorsey, co-founder and CEO of Twitter (twtr) as well as Square, will be looking for a new alternate. David Viniar, a board member and former CFO of Goldman Sachs, will lead the search for Friar's replacement.

Friar will replace Nextdoor's co-founder, Nirav Tolia, who said in July that he wanted to hold the post of president after eight years at the head of the group. It will be a big change for Friar: while Square has more than 2,000 employees and a market value of more than $ 30 billion, Nextdoor has only 225 full-time employees and a value of approximately $ 1.5 billion. dollars. the Wall Street newspaper reports.

Square's share price fell more than 10% yesterday and fell again after trading hours. Of course, Wednesday was a disappointing day for the US stock market as a whole. The Dow Jones Industrial Average Index fell about 3.2% yesterday, sales intensified over the last few minutes of trading. Each Dow share was down, and in the S & P 500, only 17 stocks made gains for the day.

FortuneAdam Lashinsky recently wondered why this was a revenue season for the tech sector.

Square is known for its point-of-sale systems and mobile payments, but it goes mostly under the radar. Earlier this year, she acquired Weebly's website building platform for $ 365 million in cash and stock, hoping to break into online trading. Last June, Square had obtained approval from the State of New York to buy and sell cryptocurrencies via its Cash application. Dorsey is a big fan of Bitcoin and has even written a children's book about it.