U.S. Markets closed

Why Square (SQ) Stock Is Surging on Friday

Karl Utermohlen

Square (NYSE:SQ) stock is soaring on Friday as the company announced that it has hired a new executive with a proven track record in the industry.

Square (SQ) Stock

The payments services provider announced that it is bringing in Amrita Ahuja as its new CFO–she is currently serving as the CFO at Blizzard Entertainment. Ahuja will serve as the replacement of former Square CFO Sarah Friar, who announced that she would be leaving the position in October.

The departure of Friar was unexpected by many investors, causing the company’s stock to drop about 30% since the announcement was made. However, it appears as if Square has found the right fit for the role as CEO Jack Dorsey had plenty of positive words to say about Ahuja.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

“Amrita brings the ability to consider and balance opportunities across our entire business, and she will help strengthen our discipline as we invest, build, and scale,” Dorsey said.

Ahuja’s tenure at Activision Blizzard lasted for eight years and Dorsey noted that her previous roles at the company — which include SVP of Investor Relations, VP of Finance and Operations and CFO — helped to propel her to the top of his wish list for the payment services provider.

Ahuja has also worked for Fox, Disney and Morgan Stanley. She earned her MBA from Harvard Business School and her AB from Duke University.

SQ stock is up close to 10.8% on Friday.

More From InvestorPlace

Compare Brokers

The post Why Square (SQ) Stock Is Surging on Friday appeared first on InvestorPlace.