CoinVoice has learned that according to Fortune magazine, Block CEO and co-founder Jack Dorsey is restructuring Block, which owns popular payment services Cash App and Square, as well as music streaming service Tidal.
In a note to employees this week, Jack Dorsey said the company's internal reporting structure would be overhauled, breaking down the boundaries between business lines and instead regrouping employees according to roles such as engineering, design and sales.
“We will be reorganizing our entire company by function and dissolving our business unit reporting structure,” Dorsey said in the notice, which had the subject line “fn block,” adding that the move would return Block to “our earliest days as a company.”
The planned restructuring is the latest in a series of transformation efforts that Block has been undertaking for nearly a year, including cutting about 10% of its staff, ending performance reviews, and appointing a new chief technology officer. The announcement comes just a week after Block reported its latest quarterly earnings on August 1. Block, formerly Square, is trading about 30% below its 52-week high of $87.52.
Dorsey said the reorganization was designed to address what he identified as "three issues" at Block: "collaboration, craftsmanship, and flexibility." [Original link]
