Block Inc. Announces Leadership Change

Alyssa Henry Steps Down, Jack Dorsey Assumes Role

The head of Block Inc.'s merchant business, Alyssa Henry, will be leaving the company after a long and successful tenure. The announcement was made by Block CEO, Jack Dorsey, who will also take on Henry's role as the head of Square seller business.

Henry, a nine-year veteran of Block SQ, has been instrumental in driving the company's growth and success. Her departure, scheduled for Oct. 2, marks the end of an era. Dorsey, known for his leadership in the industry, will now oversee both the overall company as CEO and Square as its new head.

Formerly known as Square, Block rebranded in late 2021 to reflect its diverse range of businesses. The company now includes Cash App, a popular mobile wallet, and Square, which offers payment processing and other essential services for merchants.

Shares of Block saw a decline of over 2% in after-hours trading following the announcement.

Concerns about the Square business prompted UBS to downgrade Block shares this month. Analyst Rayna Kumar expressed worries about a potential slowdown in gross-profit growth due to a moderation in consumer spending.

As Block Inc. moves forward under Dorsey's leadership, it will be interesting to see how the company capitalizes on its various businesses and navigates the evolving landscape of the industry.