Big changes are underway at Square as the digital payments company gears up for its long awaited initial public offering.
The company announced Monday the addition of several key executives to boost Square's leadership team.
Jacqueline Reses, most recently Yahoo's chief development officer, is joining Square to lead the company's small business lending program Square Capital. At Yahoo, Reses' main focus has been spinning off the firm's $27 billion stake in the Alibaba Group.
Reses' move to Square is considered a significant loss for Yahoo and an equally promising gain for Square. Square Capital has been a growing priority and revenue source for the company, with a reported $225 million in cash advances dolled out to Square sellers since launching in May 2014. Reses hiring could signal that Square plans to scale the program even further.
What's more, Reses will also help convey to potential IPO investors that Square has built a capable roster of executives to surround part-time CEO Jack Dorsey.
"Jackie's understanding of the financial services industry and her background in tech and investing make her the perfect fit to lead Square Capital, and I'm thrilled she is joining our leadership team," Dorsey said in a statement.
In addition to Reses, Square nabbed Ted Kosev from Amazon to join the Square Capital team. He'll lead product management and operations for the lending service. Former Morgan Stanley exec Henry Domenici also joins Square Capital to lead financing.