09:30 AM EDT, 07/26/2024 (MT Newswires) -- Block (SQ) Chief Executive Jack Dorsey is planning to restructure the company's internal reporting structure and eliminate boundaries between different business lines, Fortune reported late Thursday, citing the CEO's note to employees this week.

"We're going to reorganize our entire company by function and disband our business unit reporting structure," Fortune quoted Dorsey as saying in the note. Each new segment will have a new leader as "we're going to remove the business unit silos and organize all of Block by engineering, design, product, sales, etc.," Dorsey reportedly added.

According to the note, Dorsey plans to solve "three problems" at the firm, those being "collaboration, craft and flexibility," the report said.

Block did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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