Block Inc.’s stock has been a sizable laggard this year, and now it’s losing the leader of a critical business — albeit one that hasn’t necessarily lived up to investor expectations lately. Alyssa Henry, the head of Block’s
SQ,
-2.99%
Square merchant business, is stepping down after a long tenure with the company, and Jack Dorsey will assume her role while continuing to lead Block on the whole, the company announced in a Monday filing.
The announcement comes as Block shares have declined 18% so far this year, while the S&P 500
SPX
has risen 16%. Other payment-technology stocks, including Shift4 Payments Inc.,
FOUR,
-0.54%
Toast Inc.
TOST,
+1.34%
and even PayPal Holdings Inc.
PYPL,
-1.98%
have logged better year-to-date performances.
…
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