Shares of Square (NYSE: SQ) fell Thursday, declining as much as 16.1%. As of 12:16 p.m. EDT, the stock was down 8.7%.
Continue Reading Below
The decline follows an announcement that the financial-technology company's CFO is stepping down later this year to be CEO at another company.
On Wednesday, CFO Sarah Friar told the company that she plans to take a job as CEO of Nextdoor, a social network for neighbors and communities. To help with the transition, Friar is staying at Square into December, the company said in a press release Wednesday afternoon.
Friar has been integral to Square, serving during a time in which revenue growth has accelerated and the company's stock has skyrocketed. Even after today's decline, shares are up 127% over the past 12 months, and 445% since Square's IPO in November 2015.
Friar has worked at Square for six years.
Square's lead independent director, David Viniar, is heading the search for a new CFO. As a former CFO at Goldman Sachs, Viniar is well qualified to help the company find a quality replacement for Friar.
10 stocks we like better than SquareWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Square wasn't one of them! That's right -- they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of August 6, 2018
Daniel Sparks owns shares of Square. The Motley Fool owns shares of and recommends Square. The Motley Fool has the following options: short January 2019 $80 calls on Square. The Motley Fool has a disclosure policy.