Block Inc (NYSE:SQ) shares are trading lower in Monday's after-hours session after the company announced a CEO transition for its Square business.

What Happened: In a new regulatory filing, Block said Square CEO Alyssa Henry will depart the company, effective Oct. 2. 

"Ms. Henry has worked at Block for over nine years and provided significant contributions to the Company during that time," the company said. 

Block did not provide any further information about Henry's departure. 

Block head and chairperson Jack Dorsey, who is also the co-founder and former CEO of Twitter, is set to serve as the new Square CEO. 

See Also: If You Had Poured $100 In Bitcoin When Jack Dorsey Called It 'Amazing', You'd Witness A Whopping 240,000% Surge, Taking Your Investment To This Level Today

SQ Price Action: Block shares are down nearly 20% over the last year and have fallen more than 10% in just the last month.

The stock was down 2.24% after hours at $50.11 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Block.