Square Shakes Up Leadership Amid Slowing Growth Concerns

Block's stock has lagged this year while payment peers have outperformed. Shares are down 18% YTD.

Head of Square merchant business, Alyssa Henry, is stepping down. Jack Dorsey will take over her role.

Investors have been concerned about slowing growth in Square's merchant business. Q2 U.S. GPV growth of 10% underperformed historically.

Some see management shakeup as positive sign that company is addressing performance issues. Others worry Dorsey less open to changes than Henry.

Move comes after UBS downgrade citing concerns about slowing gross profit growth in Square business amid consumer spending moderation.