In response to Friar’s decision to leave, Square CEO Jack Dorsey said in a note to employees, “I’m saddened by the news. I was unrealistically expecting to be working with Sarah well into our late 90s (swapping the standup tables for rocking chairs). Unrealistic because I knew of Sarah’s lifelong ambition to run her own company.”
However, in a separate tweet, Dorsey emphasized that Square’s business units run as independent businesses, meaning that there is no single point of failure in terms of executive governance.
I’m so happy for Sarah. She’s going to be great at running a company. Square is different tho. We’re organized by business unit, like Cash, Caviar, Seller, Capital…and a lead/CEO for each. They are the execution, not me or Sarah. Square is built to be a durable ecosystem. https://t.co/OLcOIbbkXm
— jack (@jack) October 10, 2018
After trading as high as $99 at the end of September, Square is now down to $69.03 with a market cap of $29 billion. The company’s stock is up more than 130% since last year, driven in part by its recent focus on bringing Bitcoin (BTC) to its Cash App.