Square Inc.’s (SQ) CFO Sarah Friar will exit from her position at the end of this year and is set to join CEO of Nextdoor, a San Francisco-based social networking service for neighborhoods. Square said that its board member David Viniar will lead the search for a new CFO. Friar will stay at Square into December to ensure a smooth transition.
Shares of the mobile payment company reached a new yearly high ($86.90) on October 1 and closed Wednesday’s trading session down 10.12% at $77.45 as tech stocks bled across the board. The stock further tanked 10% after the bell on the CFO exit news.
Sarah, who joined the Jack Dorsey led-company in 2012, steered it to become a public company in 2015. Before joining Square, Sarah previously served as SVP of Finance and Strategy at Salesforce.com (CRM) and as the lead software analyst and business unit leader for Goldman Sachs’ (GS) Technology Research Group. Currently, she serves as a board member of Walmart (WMT) and Slack.
In a blog post, Nextdoor’s co-founder and current CEO Nirav Tolia said, “From the very beginning of our CEO search, she was the top choice, and the board of directors and I feel exceptionally fortunate and excited for her to lead Nextdoor moving forward.” After Sarah joins Nextdoor as CEO, Tolia will become Chair of the board.
Square reported better-than-expected results for the second quarter beating analysts’ views. Adjusted earnings improved $0.06 to $0.13 per share, while adjusted revenue jumped 60% to about $385 million. The company is scheduled to report its third quarter earnings results on November 7 after the bell.