Square Head of Square Capital Jacqueline Reses Resigns -- Update
03 10월 2020 - 12:04AM
Dow Jones News
By Colin Kellaher
Square Inc. Friday said Jacqueline Reses has resigned as head of
its small-business lending program, Square Capital, effective Oct.
30.
Ms. Reses, Yahoo Inc.'s former chief of development, joined the
San Francisco payment-processing company in late 2015 as Square
Capital lead.
Square said Ms. Reses helped the company achieve a number of
milestones during her five-year tenure, including the conditional
approval of its industrial-loan charter application by the Federal
Deposit Insurance Corp. earlier this year, which paves the way for
Square to launch its own bank, Square Financial Services, next
year.
Under Ms. Reses' leadership, Square Capital earlier this year
began offering loans under the U.S. government's Paycheck
Protection Program to help provide relief to companies suffering
from the impact of the coronavirus pandemic. The company in August
said it facilitated roughly $873 million in PPP loans to more than
80,000 small businesses in the second quarter.
Ms. Reses had been slated to serve as executive chairwoman of
Square Financial Services, which is required to remain independent
from the rest of the company. Square said Lew Goodwin, the bank's
chief executive, will report to Square Chief Financial Officer
Amrita Ahuja in the interim to preserve that independence.
The remaining Square Capital team not required for the bank will
now report to Alyssa Henry, who already manages Square's other
financial-services offerings for sellers, including payroll,
instant transfers and the Square Card business debit card, the
company said.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 02, 2020 10:49 ET (14:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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