Jan 25 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
"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
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.