SAN FRANCISCO — Sarah Friar is stepping down as Chief Financial Officer of Square, Inc. to become the next Chief Executive Officer of neighborhood social site Nextdoor.
Shares in Square dropped 10.8% Thursday to close at $69.03. The stock is down 30% since reaching an all-time high of $101.15 two weeks ago
David Viniar, Square’s Lead Independent Director, former CFO of Goldman Sachs and current member of its Board of Directors, will lead the search for a new CFO. Friar will stay at Square into December to ensure an orderly transition.
“As Square’s CFO, Sarah steered us through an IPO and helped build a growing ecosystem of businesses that will scale into the future,” said Jack Dorsey, CEO of Square. “Sarah leaves us having established a culture of entrepreneurship and discipline across the entire company. She has been an amazing leader, partner, and friend, and we are grateful for all she’s done for Square.”
“These past six years at Square have been an incredible journey,” said Sarah Friar. “It is rare to work at a company that aligns such a meaningful purpose with unbounded market opportunity. It has been a privilege to work with such a talented executive team, who pushed me and the company to move further and faster every day.”