Block Inc (NYSE:SQ) shares are trading lower Tuesday after the payments services company announced a CEO transition for its Square business.
What To Know: In a new regulatory filing, Block announced that Square CEO Alyssa Henry will depart the company, effective Oct. 2.
“Ms. Henry has worked at Block for over nine years and provided significant contributions to the Company during that time,” the company said.
Block did not provide any further information about Henry’s departure.
Block head and chairperson Jack Dorsey, who is also the co-founder and former CEO of Twitter, is set to serve as the new Square CEO.
Following the announcement, Wedbush analyst Nick Setyan reiterated Block with a Neutral rating and maintained a price target of $70.
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SQ Price Action: Block shares are now down close to 20% over a one-year period. The stock was down 1.89% at $50.28 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Block.
