Twitter cofounder Jack Dorsey's mobile-payments startup, Square, has announced a major change on its board. Howard Schultz, the CEO of Starbucks Corp and Square board member for 15 months, has stepped down. Replacing him is David Viniar, who was until recently the chief financial officer of the Goldman Sachs Group Inc.
Both Starbucks and Square representatives told Reuters on Wednesday that Schultz had always intended to be a Square board member for just a year. Viniar's appointment to the board instantly ups Square's Wall Street cred, especially on the eve of Jack Dorsey's Twitter IPO. Goldman Sachs is the lead bank for the Twitter IPO and according to the Los Angeles Times, Viniar was introduced to Square by Square CFO Sarah Friar, who worked with Goldman Sachs for 10 years.
Square, which allows small businesses and vendors to accept mobile payments for goods and services, is one of the fastest-growing mobile payments startups by revenue. Dorsey, who has been on Fast Company's list of 100 Most Creative People, had this to say about Square going public to Bloomberg TV in September: "Eventually we'll get there. Right now we're building the practice within the company and building the discipline. I think Square is ahead of a lot of companies in that regard because I think we're building a financial company."