Square (NYSE:SQ) is losing a top figure in an important business division. The financial services company divulged in a regulatory filing that Jacqueline Reses, lead of its Square Capital unit, has resigned from the company. The move is effective as of Oct. 30.
In the tersely worded disclosure, Square did not provide a reason or reasons for Reses' departure. It did say that she "has worked at Square for five years and provided significant contributions to the Company."
Reses is an executive with wide experience in the finance sector. Prior to her tenure at Square she was chairman of the economic development council at the Federal Reserve Bank of San Francisco, according to her LinkedIn page. Earlier in her career, she was a vice president at Goldman Sachs.
Square did not say whether it has found a replacement for Reses. It was not clear what she will do after departing the company.
Square Capital is the company's small business financing arm. It provides loans ranging from $300 to $100,000 for such entities. The company charges a single fee for its loans, which have flexible repayment terms that can be selected by the borrower, within certain parameters.
Square temporarily put the brakes on this activity in its most recently reported quarter in order to participate in the government's Paycheck Protection Program (PPP). During the period, Square Capital facilitated over 80,000 of these loans during the quarter, at a volume of roughly $873 million.
The unit is one of a growing set of products and services complementary to Square's most familiar offering, its point-of-sale payment card terminals. Square customers drawing a loan through Square Capital have the option of repaying it through their sales, at a rate set generally at their discretion.