(Reuters) - Jack Dorsey-led Square Inc said on Wednesday its financial head Sarah Friar will step down to become the chief executive officer of social networking service provider Nextdoor.

The payment processor’s shares fell 8.3 percent to $71 in extended trading, after closing down 10 percent in regular hours.

Friar, who steered Square through its blockbuster IPO in November 2015, will stay on until December.

David Viniar, Square’s lead independent director, will lead the search for Friar’s replacement, the company said.