NBA legend Earvin “Magic” Johnson informed Square Friday he will resign from its board. He is expected to leave the payment processing company immediately due to “significant” time required by a new venture of his, according to CNBC, which broke the story.
“With Square’s success in the tech space and our shared vision to have an economic impact on small businesses and especially the unbanked and underbanked around the world, this has been a tremendous opportunity,” Johnson said in a press release. “Unfortunately, due to new projects that will require significant time commitments, I regretfully have to resign. The company has an outstanding board and I truly believe that Square will continue to have an immeasurable impact on this world.”
Johnson’s firm, Magic Johnson Enterprises, a conglomerate firm worth $700 million, did not immediately respond to a request for comment regarding his next ventures.
According to Square, Lord Paul Deighton, who was most recently the Great Britain’s commercial secretary to the Treasury, will replace Johnson on the board.
“Empowering and investing in businesses and communities has always been at the core my work,” said Deighton. “Square has built an impressive business based on those principles, and I look forward to helping the company deliver on its purpose.”
Included on the board are the company’s co-founders Jack Dorsey and Jim McKelvey, venture capitalist Roelof Botha, venture capitalist Mary Meeker, former Brown University president Ruth Simmons, former U.S. Treasury Secretary Larry Summers and former Goldman Sachs executive David Viniar.
Johnson’s other business ventures include ownership, along with Guggenheim Partners and Stan Kasten, of the Los Angeles Dodgers, as well as a stake in other sports teams like the Los Angeles Sparks.