Shares of acclaim agenda processing aggregation Square Inc (NYSE: SQ) fell as abundant as 10.8% in trading Wednesday afterwards its CFO appear affairs to leave. There wasn’t abundant abatement throughout the day, either, with shares closing bottomward 10.1%.
Square CFO Sarah Friar is abrogation the aggregation in December to become CEO of Nextdoor. Board affiliate David Viniar has been answerable with award a backup for Friar, and currently, no one has been called for the job.
Customer blockage out at a bike shop.
Image source: Square.
The move additionally coincides with a big abatement in tech stocks, which absolutely helped advance Square’s shares lower than they commonly ability accept collapsed on the CFO announcement.
When a CFO gets a adventitious to booty a CEO job, it’s boxy to accountability them, abnormally because that CFOs about accept adequately abbreviate tenures. I wouldn’t apprehend too abundant into this move, abnormally back Friar larboard for a advance and not out of abhorrence with Square’s direction.
Investors additionally shouldn’t discount how abundant the broader bazaar abatement may be arena into Square’s bead today. Tech stocks are down, and Square may be hit harder than best because it’s been a big champ over the accomplished year. In fact, shares are still up 99% year to date, alike afterwards today’s drop, addition admonition that moves like this can be a bang in the alley for abundant companies that investors authority continued term.
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Travis Hoium owns shares of Square. The Motley Fool owns shares of and recommends Square. The Motley Fool has the afterward options: abbreviate January 2019 $80 calls on Square. The Motley Fool has a acknowledgment policy.
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