Jack Dorsey, founder of Block (NASDAQ:SQ), is set to take on the role of CEO at Square following the departure of Alyssa Henry. The news was revealed in a filing with the Securities and Exchange Commission. Henry, who has been with Block for over nine years, will leave the company on October 2, 2023. Square is a major player in the Fintech industry and provides a payments and transaction platform for over 4 million businesses globally, facilitating over four billion transactions and more than $4 billion in loan originations each year. However, the company recently experienced a disruption that affected some of its customers, and Square took to social media to apologize for the incident. The company attributed the issue to a DNS flaw and assured customers that there was no evidence of an attack. Square has since made changes to its operations, including expanding its offline capabilities and improving communication across its channels. With increased competition in the small business transactions space, Square recognizes the importance of maintaining 100% uptime in order to stay relevant. Companies like Apple, with its new payment process that requires only an iPhone and no additional hardware, are posing a threat to Square’s market share.
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