Square Names Earvin 'Magic' Johnson to Board (TWTR)

June 17, 2015 12:33 PM EDT

While not a public company, board moves just announced by Square are worth watching for Twitter (NYSE: TWTR) shareholders as Jack Dorsey currently holds the top spot at both companies with Dick Costolo stepping down recently. Ideally, Twitter shareholders would like Dorsey to come back on a full-time, undistracted basis.

Square just announced that business leader, philanthropist, and basketball hall of famer Earvin "Magic" Johnson will join its Board of Directors this summer. Johnson is currently the Chairman and CEO of Magic Johnson Enterprises, as well as the Chairman and Founder of the Magic Johnson Foundation, which develops programs and supports community-based organizations that address the educational, health, and social needs of ethnically diverse, urban communities.

"I am ready to get to work as a member of Square's Board of Directors so that any business, in any community, can compete and win," said Johnson.

"I have the deepest admiration for Earvin as a tireless champion for creating economic opportunity in underserved communities," said Jack Dorsey, Square CEO. "As a successful entrepreneur and advocate for economic inclusion, Earvin's unique perspective will be invaluable to our community of sellers and our board. We are honored to have him."

Johnson currently serves as Chairman and CEO of Magic Johnson Enterprises, the #1 Urban Brand in America, which provides high quality products and services that focus primarily on ethnically diverse and underserved urban communities through strategic alliances, investments, consulting, and endorsements. Johnson also serves as Chairman and Founder of the Magic Johnson Foundation, where his unwavering commitment to transform Urban America continues through HIV/AIDS Awareness & Prevention Programs, Community Empowerment Centers, and the Taylor Michaels Scholarship Program. The Magic Johnson Foundation has become one of the most recognizable philanthropic organizations around the world. Johnson is also an NBA legend and two-time hall of famer.

Square's Board of Directors also includes Jack Dorsey, Roelof Botha, Vinod Khosla, Jim McKelvey, Mary Meeker, Larry Summers, and David Viniar.

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