Jack Dorsey Takes on New Role as Block's Head and Chairperson

Share Us

Jack Dorsey Takes on New Role as Block's Head and Chairperson
19 Sep 2023
4 min read


News Synopsis

Jack Dorsey, a co-founder of Block (formerly known as Square) and a prominent figure in the tech industry, has taken on a new title within the company he helped establish in 2009.

From CEO to Block's Head and Chairperson

Dorsey's official title has transitioned from "Chief Executive Officer, President, and Chairperson" to "Block Head and Chairperson." This change, effective immediately, reflects an evolution in his leadership role.

Unchanged Responsibilities

Despite the title shift, Block has clarified that there will be no alterations in Dorsey's roles and responsibilities. He will continue to serve as the principal executive officer of the company, ensuring continuity in its leadership.

CEO Transition

Notably, the current CEO of Square is stepping down from the role. As a result, Dorsey will assume additional responsibilities within the company, solidifying his position at the helm.

Dorsey's Requested Change

The filing with the US Securities and Exchange Commission (SEC) indicates that the change in title occurred at Dorsey's request, signaling his active involvement in shaping the company's leadership structure.

Square's Transformation to Block

In December 2021, Dorsey's financial services company Square announced a significant rebranding effort, changing its name to Block. This move was part of a broader strategy to redefine the company's identity and mission.

Controversies and Challenges

Block has faced its share of challenges, including allegations made by short-seller Hindenburg Research in March this year. The report claimed that Block facilitated fraud against consumers and the government, avoided regulation, and used predatory loans and fees while presenting them as revolutionary technology. It also suggested that investors were misled with inflated metrics.

Block's Acquisitions

Block made headlines with its $29 billion acquisition of a 'buy now pay later' (BNPL) service provider, Afterpay, which was finalized in January 2022. This strategic move aimed to position Block as a key player in the evolving fintech landscape.

H2: Beyond Block: Dorsey's Ventures

In addition to his role at Block, Jack Dorsey remains active in the tech industry. He co-founded the micro-blogging platform Bluesky, which recently secured $8 million in funding to support its mission and growth. Dorsey's involvement in Bluesky demonstrates his ongoing commitment to innovative tech ventures.

Investment in Bluesky

Bluesky received significant attention and support, with $13 million in funding received last year. Jack Dorsey's presence on its board underscores his dedication to nurturing and advancing emerging technologies and platforms.

Here is a more detailed breakdown of the key points in the news:

  • Jack Dorsey Steps Down as CEO of Block, Remains Chairperson

  • Dorsey's new title is "Block Head and Chairperson"

  • Change in title comes at a time when Block is facing increasing competition and pressure to improve profitability

Key facts and figures:

  • Block is a fintech company that provides financial services to businesses and individuals.

  • The company was founded by Jack Dorsey and Jim McKelvey in 2009.

  • Block's stock is down about 20% year-to-date.

  • The company has a market capitalization of about $37 billion.

Latest facts:

  • In December 2021, Block announced that it would be changing its name from Square.

  • In March 2022, short-seller Hindenburg Research accused Block of facilitating fraud and misleading investors.

  • Block's $29 billion deal to acquire Afterpay, a BNPL service, closed in January 2022.

  • Dorsey is also the co-founder of Twitter and the CEO of Bluesky, a micro-blogging platform.

TWN Exclusive