Square Capital, the second company with Jack Dorsey at the reins, expands its top exec level and welcomes former Yahoo senior, Jackie Reses.
Reses' experience in finance prior to working at Yahoo recommended that she joined Square Capital. At the Internet browsing company, Reses operated in multiple departments, such as M&A and HR. Before leaving, she was chief development officer. Her resume shows that she led the U.S. media department of equity company Apax Partners and was in the M&A team of Goldman Sachs.
Monday morning, Square confirmed that Reses will be in charge of Square Capital. The cash-advance business is expanding and it can use someone experienced in such matters. Square gets a percentage fee from the $1 million per day that it administers, the fee being calculated based on the credit card transactions.
"Jackie's understanding of the financial services industry and her background in tech and investing make her the perfect fit to lead Square Capital," Jack Dorsey, Square CEO, said.
The leadership upgrade at Square Capital happens right before the initial public offering of the company, and voices from the industry are confident that Reses' experience with the Wall Street will help the company get good results.
"I'm thrilled she is joining our leadership team," Dorsey added.
With the departure of Reses, Yahoo loses another important top level manager. The draining of accomplished personnel is a phenomenon Yahoo CEO Marissa Mayer does not seem to put an end to.
Kathy Savitt, Marketing Officer, who joined Yahoo under Mayer's supervision left upon a job offer at the movie-studio STX Entertainment. Mike Kerns and Kevin Gentzel, head of sales for North America and senior VP at Yahoo, both chose to develop their careers with different companies. Reses's advice and actions were essential in the spin-off of Yahoo stakes in China's E-commerce leader Alibaba. The $27 billion deal was a huge success for Yahoo and Reses played an important part in reaching an agreement between the two Internet giants.
Apart from Square, Jack Dorsey is also CEO of Twitter, the microblogging platform. Voices from the tech world expressed concern over Dorsey's capacity to fully run both companies efficiently, but with Reses at Square Capital, the confidence level surged.
Square and Yahoo declined any comment on the subject.