REFILE-Square operating chief Rabois steps down

Fri Jan 25, 2013 5:47am EST

Jan 25 (Reuters) - Silicon Valley executive Keith Rabois has resigned as chief operating officer of Square Inc, the mobile payments company started by one of the co-founders of social networking service Twitter.

Rabois said in a statement he wanted to do "something different" after being responsible for the day-to-day operation of the upstart company he joined in August 2010.

Square sells card readers that plug into mobile phones enabling businesses to accept credit card payments using an app on the smartphone. Twitter co-founder Jack Dorsey started Square over two years ago and is the current head of the mobile payments company.

"When he (Rabois) joined, we had fewer than 30 employees and under 1,000 active merchants. Today, over 3 million individuals and businesses are able to accept credit cards with Square, processing over $10 billion annually," Dorsey said in an emailed statement.

Square is likely to name its finance head Sarah Friar to fill in the operating role in the meantime, according to a company source who did not want to be identified.

Rabois, a former executive of online payment business PayPal, was an early investor in numerous other internet-based companies including Yelp and YouTube. He currently sits on Yelp's board.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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