Square's Two-Day Plunge Is Worst Since 2016 After CFO Friar Departs
- Wall Street says Friar’s departure leaves big void to fill
- Executive exit brings monthly market value loss to $13 billion
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Square Inc. shares slid as much as 16 percent, the most intraday in close to 11 months, after the firm said longtime Chief Financial Officer Sarah Friar is stepping down. Wall Street expects the news to continue to pressure the stock in the coming months as investors cope with uncertainty from the surprising departure of a highly respected executive.
The firm has big shoes to fill, as analysts say Friar essentially ran the business and gave Jack Dorsey the flexibility to serve as chief executive officer of both Square and Twitter Inc. She was also key in building credibility with investors and positioning the company to exceed Wall Street’s earnings expectations.