Longtime Square CFO leaves to be CEO of Nextdoor

Square’s CFO stepped down to become the CEO at neighborhood social platform Nextdoor, and Jack Dorsey couldn’t have been more complimentary.

October 12, 2018

Square’s CFO Sarah Friar is stepping down to become the CEO of Nextdoor, a social media platform for neighbors — and shares were down more than 8% in aftermarket trading following the news.

In a statement, Square CEO Jack Dorsey said Friar “steered us through an IPO and helped build a growing ecosystem of businesses that will scale into the future.”

Now, the question is what she has in mind for the fast-growing Nextdoor.

Word on the street is, they’re leveling up

The hire is a brilliant get for the made-for-local-gossip social network, which has been waiting for the right person to take Nextdoor “to the next level” since their current CEO Nirav Tolia announced his planned departure 3 months ago.

And Friar, Dorsey’s number 2 at Square, seems like just the person to do it: The Northern Ireland native studied engineering at Oxford and received her MBA at Stanford before spending a decade with Goldman Sachs, leaving the banking giant as a managing director.

She also spent a year with Salesforce as an SVP before joining Square in 2012 (plus, she sits on the boards of both Slack and Walmart).

Nextdoor ain’t no slouch, either

The San Francisco-based company has raised $285m from investors over its 8-plus years, but needs to generate more revenue to move into IPO territory — something the ex-CFO of Square knows a thing or two about.

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