Yahoo chief development officer Jacqueline Reses quits to join Square

Yahoo's chief development officer Jacqueline Reses is to leave the tech giant and join Twitter's mobile payment company Square.

Reses will now head up Square Capital, the startup's business financing service, as it moves towards its initial public offering.

Having joined Yahoo in 2012, Reses is said to have stepped back from corporate development earlier this year to focus on the firm's multi-billion dollar spinoff of its stake in Alibaba.

She joined the Chinese e-commerce house's board in 2012 and oversaw its listing on the New York Stock Exchange which was valued at $25bn.

Reses' arrival follows the appointment of Twitter chief executive Jack Dorsey, who holds the same role at Square.

Commenting on the appointment he said: “Reses' understanding of the financial services industry and her background in tech and investing make her the perfect fit to lead Square Capital, and I’m thrilled she is joining our leadership team.”

The move comes just one week after the departure of Yahoo's senior vice-president of marketing, Lisa Licht.

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