Square has announced today that Starbucks Corporation (NASDAQ:SBUX) chief executive officer Howard Schultz is stepping down from the board. Schultz is known for driving the partnership between Square and Starbucks. Square named former Goldman Sachs CFO David Viniar as the replacement for Schultz.
Viniar retired from Goldman Sachs back in January after working at the investment company for over 30 years. The last 13 years went spent in the CFO position. Viniar is still on the board of directors at Goldman Sachs.
Schultz intended on being at Square for about one year. He joined last summer when Starbucks invested $25 million in the payments company. Square became the payments processor for all Starbucks credit and debit transactions in the U.S. as a result of the deal.
Schultz?s departure will not affect the existing partnership between the two companies.
[Image: Howard Schultz and Jack Dorsey, Credit: Starbucks.com]