The head of Block Inc.’s merchant business is stepping down after a long tenure with the company, and Jack Dorsey will assume her role.
Alyssa Henry, a nine-year veteran of Block
will leave the company Oct. 2 after most recently serving as the head of the company’s Square seller business. Dorsey, the effective CEO of the overall company who goes by the title of Block Head, will also take on Henry’s role of Square Head, the company said in a filing Monday afternoon.
The overall company was once called Square, but it took on the corporate moniker of Block in late 2021. Now Block is made up of various businesses including the Cash App mobile wallet as well as Square, which houses payment processing and other services for merchants.
Shares of Block were off more than 2% in after-hours trading Monday.
UBS downgraded Block shares earlier this month, in part due to concerns about the Square business. Analyst Rayna Kumar said she was concerned about a potential slowdown in gross-profit growth owing to a moderation in consumer spending.