Jack Dorsey Scraps Performance Reviews, PIPs For Block Employees
Portfolio Pulse from Benzinga Neuro
Block Inc. (NYSE:SQ) CEO Jack Dorsey is changing the company's performance management by eliminating annual performance reviews and PIPs, aiming to foster a 'culture of excellence'. Dhanji Prasanna has been appointed as the new CTO. Regular evaluations will replace annual reviews, with immediate dismissal for underperforming employees. Despite these changes, Block has seen a 37.5% increase in Bitcoin revenue and a gross profit of $44 million from Bitcoin in Q3, leading to a rise in its share price.
November 22, 2023 | 4:48 am
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Block Inc. is eliminating annual performance reviews and PIPs, appointing a new CTO, and introducing regular evaluations with immediate consequences for underperformance. The company has experienced significant growth in Bitcoin revenue and share price.
The elimination of annual performance reviews and PIPs, coupled with the appointment of a new CTO, indicates a strategic shift in Block's management approach, which could be viewed positively by investors as a move towards greater efficiency and accountability. The reported growth in Bitcoin revenue and the subsequent share price increase suggest a strong financial performance, which is likely to continue to positively impact the stock price in the short term.
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