Square COO Keith Rabois Steps Down [UPDATED]

Square chief operating officer Keith Rabois will be stepping down from the San Franciso based payments company.  It not known why Rabois is stepping down, but rumor has it that him and Square founder Jack Dorsey had multiple disagreements.  Rabois said this in a statement:

It is amazing what Square has accomplished since August of 2010. When I joined, there were 17 engineers all reporting flatly to Jack. The local coffee shop served as our interview room. Leading our amazing crew has been the most rewarding professional journey of my life. I am forever grateful to Jack, for his confidence in me and to each and every member of the team for allowing me to learn from them.

But every day matters. And it is better at this point for me to be doing something different every day.

As a result, I’ve decided to resign from Square. I am very excited about what lies ahead for the company. Square could not be better poised for greatness.

I will have more to share about my next opportunity soon.

Jack Dorsey had some positive things to say about Rabois as he stepped down:

Today I accepted Keith’s resignation from Square. When he joined, we had fewer than 30 employees and under 1000 active merchants. Today, over 3 million individuals and businesses are able to accept credit cards with Square, processing over $10 billion annually. We couldn’t have done it without him and we wish him well in his next opportunity.

Square’s chief financial officer Sarah Friar will become the acting chief operating officer of Square.  Friar is a former analyst at Goldman Sachs and financial executive at Salesforce.com.  Rabois is known for making angel investments and for serving on several board of directors like Yelp.  Rabois worked at startups like PayPal and Slide in the past.

[Source: AllThingsD]

UPDATE: Keith Rabois actually stepped down due to a sexual harassment case.  Here is a blog post that he wrote about it.

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