MoneyConf / Flickr
Voyager

Shares of Square (SQ) dropped around 11% Thursday after the company’s chief financial officer, Sarah Friar, announced that she would step down to take a job as the CEO of social network Nextdoor.

Friar will be replacing Nirav Tolia, the current CEO of Nextdoor and member of the founding team, who announced plans to step down on Wednesday.

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.

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.

SQ via Google Finance
More: Square CFO Sarah Friar to step down, stock falls at least 8%
Photo: MoneyConf / Flickr

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