Magic Johnson Resigns from Square's (SQ) Board

Square (NYSE: SQ) disclosed in an SEC filing:

On May 9, 2016, Earvin “Magic” Johnson, Jr. informed Square, Inc. (the “Company”) that he would resign as a member of the board of directors of the Company (the “Board”) effective immediately. Mr. Johnson’s resignation was not a result of any disagreements with the Company on any matter relating to the Company’s operations, policies, or practices. A copy of Mr. Johnson’s resignation letter is attached as Exhibit 17.1 to this Current Report on Form 8-K.

On May 12, 2016, the Board appointed Paul Deighton to the Board as a Class I director and nominated Paul Deighton for election as a Class I director at the Company’s 2016 annual meeting of stockholders (the “Annual Meeting”). Paul Deighton, age 60, previously served as the United Kingdom’s Commercial Secretary to the Treasury, the Chief Executive Officer of the London Organising Committee for the Olympic Games and Paralympic Games, and as a partner at Goldman Sachs. There are no family relationships between Paul Deighton and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

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