Starbucks CEO Howard Schultz resigns from Square mobile payment service's board

Privately-owned mobile payments company Square Inc said Starbucks Corp Chief Executive Howard Schultz had resigned from the board 15 months after joining one of Silicon Valley's hottest start-ups.

Square, founded in 2009 by Twitter Inc co-creator Jack Dorsey, said it named David Viniar as a replacement. Viniar was most recently the chief financial officer of Goldman Sachs Group Inc.

"Howard's guidance has helped Square grow as a company and as a business. I have come to know Howard well, and I always appreciate his thoughtfulness and good counsel," Dorsey said.

Schultz joined Square's board in August last year by investing $25 million in a deal to use its technology to process debit and credit card payments at the coffee chain's stores.

Starbucks representative Jim Olson said that it had always been Schultz's intention to serve on the board for a year. A Square spokesman confirmed that Schultz had intended to hold the position for a year.