Square filed for a long-awaited IPO this week, and the payments firm has reportedly nabbed a big name to help it go public and assist CEO Jack Dorsey: Yahoo’s chief development officer Jacqueline Reses.
(Update: Reses has today been confirmed as joining Square to run Square Capital. In a statement Reses said: “Square Capital reaches businesses that traditional financial institutions often neglect, and I’m very excited to expand that opportunity to others.” CEO Jack Dorsey said in a blog post: “Jackie’s understanding of the financial services industry and her background in tech and investing make her the perfect fit to lead Square Capital, and I’m thrilled she is joining our leadership team.” Square Capital is part of a new business unit that the company has set up to give it an edge on competitors and boost profits.)
That’s according to a report from Bloomberg. Yahoo hasn’t announced the departure publicly or internally, but sources inside the company told TechCrunch that Reses, who led M&A and was recently assigned to handle the offloading of Yahoo’s mammoth stake in Alibaba, hasn’t been seen around Yahoo’s offices too much these past few months. In fact, we understand that Reses doesn’t even have an office at the company at this point.
Throw in the fact that she is selling her home in Woodside, California, and change appears to be on the horizon.
Reses could be an important figure to help Square go public. She joined the board of Alibaba back in 2012, and oversaw the company’s listing on the New York Stock Exchange — which raked in $25 billion to become the largest IPO in U.S. history.
With Square explicitly listing CEO Jack Dorsey’s joint role as Twitter CEO as a risk factor, recruiting proven execs like Reses to fill out its leadership roles is important. At this point, though, it isn’t clear exactly what Reses’ role at Square will be.