October 26, 2015 / 9:20 PM / in 2 years

Vinod Khosla leaves mobile payment company Square's board

Vinod Khosla, founder and partner of Khosla Ventures, arrives on the red carpet during the second annual Breakthrough Prize Awards at the NASA Ames Research Center in Mountain View, California November 9, 2014. REUTERS/Stephen Lam

(Reuters) - Mobile payment company Square Inc said Director Vinod Khosla, the company’s second largest shareholder, had left its board ahead of its initial public offering.

Khosla will remain an adviser to Square's board, the company said in a filing on Monday. (1.usa.gov/1RxZIsY)

Khosla, who is the co-founder of Sun Microsystems, confirmed his departure in a tweet. He owns 17.3 percent stake in Square.

The company, headed by Twitter Inc Chief Executive Jack Dorsey, filed for an IPO on Oct. 14.

Square also reported a 49 percent jump in net revenue to $892.8 million for the nine months ended Sept. 30.

The company’s net loss widened to $131.5 million, or 88 cents per share, from $117.0 million, or 84 cents per share, a year earlier.

Reporting by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey

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