Yahoo’s Chief Development Officer to join Jack Dorsey’s Square

Chief development officer Jacqueline Reses is stepping out of Yahoo! Inc. to join Jack Dorsey’s Square Inc., Bloomberg reported. While the move will be a major blow to the web giant, it is expected to help boost the startup’s executive team.

The news comes after Dorsey was appointed as the permanent CEO of Twitter Inc., which would require him to juggle between both the companies. Reses’s appointment at Square would help to reduce the load for Dorsey.

The departure comes at a time when Yahoo is planning to spin off its stake of around 15 percent in Alibaba Group Holding Ltd. by the end of the year. Majority of the company’s stock value have been assigned to its Asian assets by the investors, with little left over for the Yahoo’s main business, Bloomberg said.

Earlier this year Reses shifted her focus to Yahoo’s spinoff of its stake in Alibaba. She was on Alibaba’s board before the e-commerce operator’s IPO and played a crucial role in building a stronger relationship between the companies.

Square Inc., a San Francisco-based payment company founded in 2009, Jack Dorsey, recently filed for initial public offering and will offer around $275 million in stock.