Square's finance chief Sarah Friar is stepping down from the mobile payments company to take the CEO position at neighborhood social platform Nextdoor. Square board member and former Goldman Sachs CFO David Viniar will lead the search for her replacement, the company said.
Friar joined Square six years ago and, according to Square CEO Jack Dorsey, steered the company through its initial public offering back in 2015.
"As Square's CFO, Sarah ... helped build a growing ecosystem of businesses that will scale into the future," said Dorsey. "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."
Square also gained attention this week over its fluctuating share price, which jumped nearly 12 percent in September but dropped down more than 13 percent so far in October. Most of the uncertainty points to Square's recent announcement that it will allow its small businesses sellers to offer payment plans to their own customers.
Managed under the Square Capital umbrella, Square Installments lets SMBs offer customers the option to finance larger purchases, like furniture, jewelry and home improvement services. Investors see the feature as bringing increased risk to the company.
Dorsey also sold more than 103,000 shares of Square stock on Friday.
The company disclosed the updated figure with its second quarter financial results, which beat estimates.
The platform leverages technology from Square's Caviar delivery business, resulting in a combined first-party ordering platform and point of sale.
The deal marks Square's second acquisition in a week's time following its purchase of the catering platform Zesty.