"Block's Stock Slides as Square CEO Alyssa Henry Steps Down, Jack Dorsey Takes Over"
Block Inc.'s stock has been underperforming this year, and now the head of its Square merchant business, Alyssa Henry, is stepping down. The announcement comes as Block shares have declined 18% while other payment-technology stocks have performed better. Jack Dorsey will assume Henry's role while continuing to lead Block. The performance of the Square merchant business has been a concern for investors, with slower growth compared to competitors. Some investors see the management shakeup as positive, while others worry about the loss of Henry's expertise. Block acknowledged Henry's significant contributions during her nine-year tenure. UBS recently downgraded Block shares due to concerns about the Square business and a potential slowdown in gross-profit growth.