Jack Dorsey, CEO and co-founder of fintech company Block, is reorganizing the company’s internal structure. This change aims to improve collaboration, craft, and flexibility among employees. The new structure will group employees together based on their roles, such as engineering, design, sales, etc., rather than by business unit. Each segment will have a new leader.
Dorsey identified three main problems at Block: collaboration, craft, and flexibility. He believes that the current structure is causing these issues and that the reorganization will help address them. The change may feel big and uncomfortable for some employees, but Dorsey did not mention any additional layoffs.
Block currently has a strict hiring cap of 12,000 employees after laying off around 1,000 employees earlier this year. The company owns popular payment services Cash App and Square, as well as music streaming service Tidal. The reorganization will take the company back to its original structure and is expected to be completed soon.
Source: https://fortune.com/2024/07/25/jack-dorsey-block-square-cash-app-entire-reorg-disruptive-uncomfortable-internal-memo/