Report: Starbucks’ Schultz departs Square Inc. board

New York -- Starbucks CEO Howard Schultz had resigned from the board of mobile payments company Square Inc., Reuters reported.

Square, founded in 2009 by Twitter Inc co-creator Jack Dorsey, named David Viniar, most recently the CFO of Goldman Sachs Group, as a replacement.

Schultz joined Square's board in August 2012 by investing $25 million in a deal to use its technology to process debit and credit card payments at the coffee chain's stores.

A Starbucks representative said that it had always been Schultz's intention to serve on the board for a year, the report said.

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