- Push-out Score determined
- After about six and a half years in the position
- Accolades, praise and thanks for Friar
- Search for a successor
- Friar kept it short and said 55 words
(exechange) — San Francisco, California, October 10, 2018 — Sarah Friar, finance chief of Square, leaves. As announced by Square Inc. in a news release and in a regulatory filing published on Wednesday, October 10, 2018, Sarah Friar leaves her post as Chief Financial Officer at the IT service management company after about six and a half years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange.
Friar will continue in her current position as Chief Financial Officer into December 2018.
Square will undertake a search for a successor.
Friar will be CEO at Nextdoor
“Sarah Friar has informed the company of her intention to step down as Chief Financial Officer of Square in order to accept an offer to become Chief Executive Officer of Nextdoor,” Square said.
Nextdoor is a social network for local neighborhoods.
Square said: “On October 8, 2018, Sarah Friar, the Chief Financial Officer of Square, Inc. (the “Company”), informed the Company of her intention to resign from her position in order to accept a position as Chief Executive Officer of Nextdoor.”
“Not related to any disagreement”
“Ms. Friar’s decision to resign was not related to any disagreement with the Company on any matter relating to the Company’s accounting, strategy, leadership, operations, policies or practices (financial or otherwise),” Square said.
Share price rise since December 2017
The change follows a rise in the share price of Square Inc. since December 2017.
Chaired by Jack Dorsey
Square Inc. is chaired by Jack Dorsey.
Jack Dorsey is CEO and Chairman of Square, CEO of Twitter, and cofounder of both.
In the position of CFO since 2012
Sarah Friar has been the Chief Financial Officer and Operations Lead of Square, Inc. since June 13, 2012.
Sarah Friar previously served as SVP of Finance & Strategy at salesforce.com, and as lead software analyst and Business Unit Leader for Goldman Sachs’ Technology Research Group.