Jack Dorsey, the CEO of Block Inc., will assume the role of Head of Block’s merchant business as Alyssa Henry, the current head, steps down. Alyssa Henry, who has been with Block for nine years, most recently served as the head of the company’s Square seller business.
Block Inc., formerly Square, is a corporation that encompasses various businesses, including the Cash App mobile wallet and Square, which provides payment processing and other services for merchants. The company changed its name to Block in late 2021.
This leadership change comes as Block faces challenges in its Square business. Shares of Block dropped over 2% in after-hours trading following an earlier downgrade by UBS. Analyst Rayna Kumar expressed concerns about a potential slowdown in gross-profit growth due to a moderation in consumer spending.
Jack Dorsey, known as Block Head, has been the effective CEO of Block Inc. and will now also take on the role of Square Head. His appointment aims to streamline the company’s operations and ensure its continued success in the evolving merchant industry.
As Block Inc. undergoes this leadership transition, it will be interesting to see how Jack Dorsey’s leadership will shape the company’s future. With his expertise and experience, Dorsey has the potential to drive innovation and growth in the merchant business, while addressing any challenges that may arise.
Sources:
– Source article: “Head of Square’s merchant business stepping down; Jack Dorsey to assume role” (no URL provided).
– Definitions:
– Square: The former name of Block Inc., a corporation that offers various services to merchants, including payment processing and a mobile wallet app called Cash App.
– Gross-profit growth: The increase in profit generated by a business after deducting the cost of goods sold.
– Consumer spending: The purchasing of goods and services by individuals for personal use.