After serving as the CEO of Square since February of this year, Alyssa Henry will be stepping down from her position and leaving the company on October 2, according to a regulatory filing seen by CNN. This news comes as a surprise to many in the industry, as Henry had been instrumental in transforming Square into a software-led technology company and expanding its services for small businesses around the world. Square, which was founded by Jack Dorsey in 2009, will now see Dorsey taking on the additional role as “Square Head,” in addition to his role as CEO of Block, the company that Square had rebranded as earlier this year.
It is still unclear whether Dorsey will permanently fill the CEO seat or if he will be serving as a temporary leader until a new CEO is appointed. A spokesperson from Block praised Henry’s leadership and acknowledged her contributions to the growth and success of Square. “Square is what it is today in large part because of Alyssa’s leadership, and we wish her the best in her future endeavors,” the spokesperson said.
Prior to joining Square, Alyssa Henry had an impressive track record in the tech industry. She led Amazon Web Services’ storage services division and was responsible for overseeing software development and operations, as well as inbound and outbound product management for several teams. Her LinkedIn page still lists Square as her employer and does not mention where she will be heading next.
The reason for Henry’s departure from Square remains unknown, and there is no indication whether it is connected to the recent outage that Square experienced. Just a few days ago, Square was out of service for almost an entire day, leaving merchants unable to process payments. This outage caused significant disruptions to the businesses relying on Square’s services and further fueled speculation about the stability and reliability of the company’s technology infrastructure.
Square, originally a fintech company, has expanded its services over the years. It now encompasses various businesses under the Block umbrella. In addition to Square, Block owns Cash App, an installment payment provider called Afterpay, website creator Weebly, and holds a controlling stake in music streaming service Tidal. This diversification of services positions Block as a major player in the financial technology industry, providing a wide range of solutions for small-to-medium businesses and consumers.
The decision for Dorsey to take on the role of “Square Head” reflects his strong commitment to the company he founded. Jack Dorsey is a well-known figure in the tech world, having co-founded Twitter and serving as its CEO for several years. He has a reputation for being a visionary leader and has been recognized for his contributions to the field of technology.
With Dorsey at the helm of both Square and Block, the future of the companies looks promising. His leadership and experience in the tech industry will undoubtedly play a crucial role in driving innovation, expanding services, and ensuring the continued success of these businesses. However, it remains to be seen who will ultimately fill the CEO position at Square and what strategic direction they will take in the coming months and years.
As Square prepares for this leadership transition, the focus will likely be on maintaining stability, restoring customer confidence, and addressing any technology issues that may have contributed to the recent outage. Additionally, the company will need to continue developing and improving its suite of products and services to meet the evolving needs of its customers in the rapidly changing world of financial technology.
In conclusion, Alyssa Henry’s departure as CEO of Square has raised questions about the future direction of the company. With Jack Dorsey taking on the additional role of “Square Head,” Square and its parent company Block are well-positioned to navigate this transition and continue their growth trajectory. The next CEO of Square will have big shoes to fill, but with the support and guidance of Dorsey, they will have the opportunity to lead Square into the next phase of its evolution as a technology-driven financial platform.