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Sarah Friar, longtime CFO for payments company Square, is leaving the company to become CEO of neighborhood social network Nextdoor, Square said on Wednesday.  A search is underway for her successor.

Why it matters: Friar has been credited with helping build Square into a successful public company, often running the day-to-day when CEO Jack Dorsey is busy across the street being CEO of Twitter. Shares are down more than 8% in aftermarket trading on the news.

Update: The story has been updated with a tweet from Square CEO Jack Dorsey.

Square finance chief leaves to become Nextdoor CEO

CFO Sarah Friar joined the company in 2012.

Square CFO Sarah Friar. Photo: Stephen McCarthy/Sportsfile via Getty Images

Business

Square, Inc.

Technology

Sarah Friar, longtime CFO for payments company Square, is leaving the company to become CEO of neighborhood social network Nextdoor, <a class="gtmContentClick" data-vars-link-text="Square said on Wednesday." data-vars-click-url="https://squareup.com/about/investors/press/150b9aac-897e-420a-9f87-ee20e7554cba" data-vars-content-id="587f64c7-e3bb-46d2-b05b-88dd7d390399" data-vars-headline="Square finance chief leaves to become Nextdoor CEO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://squareup.com/about/investors/press/150b9aac-897e-420a-9f87-ee20e7554cba" target="_blank">Square said on Wednesday.</a> A search is underway for her successor.Why it matters: Friar has been credited with helping build Square into a successful public company, often running the day-to-day when CEO Jack Dorsey is busy across the street being CEO of Twitter. Shares are down more than 8% in aftermarket trading on the news.

Square finance chief leaves to become Nextdoor CEO

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