Mobile payment company Square said on Monday that it hired former Yahoo Chief Development Officer Jacqueline Reses to lead the startup s business financing arm.
Reses is among a string of high-level executives who left Yahoo this year including Lisa Licht, the company s SVP of Marketing Partnerships, Recode reported.
Reses will oversee Square Capital at the San Francisco tech firm, a program that offers cash advances to certain small businesses who use Square to process their credit card payments. It first launched in 2014 and has distributed more than $225 million to Square merchants nationwide, according to a press release from the company.
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, said Square CEO Jack Dorsey, who is also the chief executive of Twitter, in a statement.
Square just announced plans last week to start offering its stock to the public.
Reses first joined Yahoo in 2012 and helped oversee efforts at the company to spinoff its stake in Chinese e-commerce giant Alibaba. She also worked in mergers and acquisitions, human resources and other roles within the company.
Before Yahoo, she headed the U.S. media group at global private equity firm Apax Partners, served as the CEO of software services company iBuilding Inc. and spent seven years at Goldman Sachs.
Bob Peck, an analyst with SunTrust Robinson Humphrey said in a note that a total of 12 key employees have left Yahoo this year, up from the four people the firm counted in 2014.
As a standalone company, the company needs to begin showing traction in the turnaround or we d expect leadership changes as well, Peck said.
In July, Yahoo beat Wall Street s expectations for sales but missed earnings projections after spending more than $200 million on partnerships to drive more users to click on its websites in the second quarter.
Yahoo s stock is currently up 0.09 percent at $33.40 per share.
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