Starbucks CEO Howard Schultz Steps Down From Square's Board of Directors
Former Goldman Sachs exec David Viniar replaces Howard Schultz on the board of the mobile payment startup.
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Howard Schultz has stepped down from the board of Square, to be replaced by former Goldman Sachs exec David Viniar.
Schultz's exit from the mobile-payment company comes as no shock, as the Starbucks CEO took the position planning to stay for a year. Schultz joined Square's board last August, investing $25 million to use its technology to process credit card payments in Starbucks stores.
"Jack (Dorsey) has assembled a strong and forward-thinking leadership team at Square," said Schultz in a statement. "I am proud of what our companies have accomplished together this past year and I'm excited about the opportunities for Starbucks and Square to continue to innovate."
Related: 3 Ways Starbucks Is Innovating and Why You Should Care
Recent Starbucks innovations include Tweet-a-coffee, increasing its number of cloud-based Clover coffee-brewing machines and opening a tea bar. Innovating has paid off: On Wednesday, the coffee chain reported that total net revenues increased 13 percent in the fourth quarter, with earnings per share rising 37 percent.
Schultz's replacement, David Viniar, was most recently chief financial officer of Goldman Sachs. He worked for the company for more than 30 years. "David's extraordinary financial insight and expertise will add another valuable perspective to our world-class board," Dorsey, CEO of Square and co-founder of Twitter, said in a statement.
Square's Board of Directors also includes co-founder Jim McKelvey, Larry Summers, Roelof Botha, Vinod Khosla and Mary Meeker.
Related: Square Makes Money Transfers as Easy as Sending an Email