Henry will depart the company on October 02 after spending over nine years at Square.
She will be replaced by co-founder Jack Dorsey. It is unclear whether Mr. Dorsey plans to remain as the Head of Square.
“While it is unfortunate to see the departure of the long-time leader, we view the decision to place Dorsey at the helm (however temporary/permanent it may be) as an indication of the level of importance placed on the Square business in the context of the broader Block ecosystem,” KeyBanc analysts said in a note.
Investors see this as yet another overhang on Square shares amid wider concerns about revenue growth.
Block shares were already down 20.7% year-to-date after recently hitting fresh 52-week lows.
Shares were dealt a fresh blow earlier this month when the company said sellers on its Square platform have been unable to access their accounts or process payments due to a systems outage.