Square CEO steps down as Jack Dorsey steps in
- Lucinda Shen, author of Axios Pro: Fintech Deals
Photo by Marco Bello/AFP via Getty Images
Alyssa Henry, CEO of Block's payments platform, Square, is stepping down, and Block CEO Jack Dorsey will step in, per an SEC filing on Monday.
Why it matters: At $7 billion, Square represented 38% of the company's 2022 revenue.
Details: A source with knowledge of the matters tells Axios that Dorsey is evaluating whether to stay in the position long term or hire someone to take over.
- Henry is expected to step down Oct. 2.
What they're saying: "After 9+ years at Square and 30+ years working, I'm retiring. It's been an amazing and fulfilling ride," Henry wrote in a social media post Monday.
Context: Her announcement comes roughly two weeks after the company suffered a daylong outage that prevented customers from processing payments or accessing their accounts.
- The company blamed a domain name system error.
The big picture: Shares of Block fell 2.5% in early trading Tuesday, with investors seemingly shrugging off concerns about how her departure could impact the business.
- Dorsey notably remains front and center at the company, which has pushed to grow Square among larger clients and expand internationally.