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Magic Johnson Is Off Square’s Board

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Magic JohnsonPhotograph by Juan Ocampo — NBAE/Getty Images

Earvin “Magic” Johnson, the Hall of Fame basketball player and businessperson, has left Square’s board.

The news was announced on Friday by the mobile payments company, saying that Johnson had decided to resign from the board due to time constraints with other projects on which he is working.

“Unfortunately, due to new projects that will require significant time commitments, I regretfully have to resign,” Johnson said in a statement. “The company has an outstanding board and I truly believe that Square will continue to have an immeasurable impact on this world.”

The news was somewhat surprising, considering Johnson served less than a year on Square’s board. In fact, Johnson, who serves as chairman and CEO of Magic Johnson Enterprises, a company that delivers a wide range of products and services and invests in many others, only found his way to Square’s (SQ) board last June.

In his place, Square said that it will welcome Lord Paul Deighton to its board. In his career, Deighton has served as the U.K.’s Commercial Secretary of the Treasury and as a partner at Goldman Sachs (GS). He also worked on the committee that organized the London Olympic and Paralympic Games. He spent a total of 27 years in banking.

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“Empowering and investing in businesses and communities has always been at the core my work,” Deighton in a statement. “Square has built an impressive business based on those principles, and I look forward to helping the company deliver on its purpose.”

Square, which went public in November, has been growing dramatically in recent quarters. In May, for instance, Square reported better-than-expected revenue, jumping 51.4% year-over-year to $379.3 million in the first quarter. However, the company’s loss widened from $48 million in the first quarter of 2015 to $96.8 million in the first quarter of 2016.

That loss has caused some concern among investors, who have pushed the company’s shares down more than 27% since the beginning of the year.

Still, Square, which processes mobile payments, is pushing on by expanding its business. In March, for instance, Square announced that it was becoming a traditional online lender aimed at small businesses that already use its point-of-sale services. The move came after Square had been offering cash advances through its Square Capital program, one of its best performing divisions.

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Deighton will join several prominent director individuals, including co-founders Jack Dorsey (who also serves as CEO) and Jim McKelvey. The directors also include venture capitalists and businesspeople, including Mary Meeker and Larry Summers, among others.