Square Replaces Starbucks CEO Schultz on Its Board
Starbucks CEO Howard Schultz has stepped down from Square Inc.s board, to be replaced by former Goldman Sachs CFO David Viniar.
Schultz joined Squares board last year when Starbucks made a $25 million investment in the mobile payments company and began using Square to process its payments.
"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 together, Schultz said in an Oct. 30 press release.
Starbucks made its investment last year as Square was seeking legitimacy among larger merchants by adding features to its mobile point of sale system.
Starbucks is itself a successful pioneer in mobile payments. The coffee company reported Oct. 30 that 11% of its U.S. and Canadian sales, or 4 million transactions a week, are made through its mobile app.
Schultz had always intended to step down after about a year, both companies told Reuters.
"Howard's guidance has helped Square grow as a company and as a business," said Square CEO Jack Dorsey in the release. "I have come to know Howard well, and I always appreciate his thoughtfulness and good counsel."
Viniar has over 30 years of experience from his roles at Goldman Sachs, including over 13 as CFO. At Square, he will also head the companys audit committee.
"David's extraordinary financial insight and expertise will add another valuable perspective to our world-class board," Dorsey said in the release.
Squares other board members are Dorsey, Roelof Botha, Vinod Khosla, Jim McKelvey, Mary Meeker and Larry Summers.