Vinod Khosla Steps Down From Square Inc’s Board

According to a recently published SEC filing, Square Inc Director Vinod Khosla has stepped down from the company’s board of directors ahead of its initial public offering (IPO).

The company said that Khosla had previously expressed his desire to step down from the position, consistent with his stated preference not to serve on the boards of directors of public companies. He will remain an advisor to the board.

He served as a member of Square’s board of directors since June 2011. Since April 2004, he has served as a General Partner of Khosla Ventures, a venture capital firm. Prior to that, Khosla served as a General Partner of Kleiner Perkins Caufield & Byers, a venture capital firm, and as Chief Executive Officer of Sun Microsystems, Inc.

The mobile payment company, led by Twitter Inc Chief Executive Jack Dorsey, filed for an IPO on Oct. 14, offering around $275 million in stock.

Square also reported a 49 percent jump in net revenue to $892.8 million for the nine months ended Sept. 30, while net loss widened to $131.5 million, or 88 cents per share, from $117.0 million, or 84 cents per share, a year earlier, Reuters reported.