- Employees and Wall Street alike were surprised to learn that Square Chief Financial Officer Sarah Friar will leave the company.
- Friar, who employees described as a “beloved” leader, is seen widely as an important figure in Square’s success.
- Analysts expressed concern following the news that Square may struggle to rebound from the loss — but staffers are happy to see Friar move onto a CEO role.
The news this week that Square CFO Sarah Friar is resigning surprised employees and outside investors alike, leaving both groups trying to predict what it means for the $28 billion payments company to lose its second-in-command.
Like spurned lovers bewildered by a breakup, both Square staffers and analysts echoed similar sentiments: By all appearances, things were going well. Friar was active and engaged. There were no signs that this was coming.
“We traveled with Ms. Friar just two weeks ago and saw no signs of this move as she was fully engaged and enthusiastic throughout our day of meetings,” wrote Robert Napoli, analyst at William Blair, in a note Wednesday.
One staffer described the sense of unease that spread through Square’s Market Street headquarters once CEO Jack Dorsey’s memo hit people’s inboxes on Wednesday afternoon,