Ex-Treasury Boss Summers to Square Board

SAN FRANCISCO, June 22 (Reuters) – Square, a start-up company seeking to change the way people pay for goods, has enlisted a board member who knows a thing or two about money.

Former U.S. Treasury Secretary Lawrence Summers has joined the two-year-old San Francisco company’s board of directors, Square said on Wednesday.

The move represents the latest marquee-name endorsement for Square, whose technology lets consumers use their mobile phones to accept credit card payments from other individuals. In April, Square announced that Visa had invested an undisclosed sum in the company.

Summers, who will become Square’s fifth board member, will contribute “tremendous wisdom” and expertise, the company said in a statement.

Square is the only company on which Summers currently has a board seat, a Square spokeswoman said. But it’s not the first time his name has been associated with the new generation of Web start-ups.

Summers was the president of Harvard University during the time that undergraduate student Mark Zuckerberg created Facebook in his dorm room. And he was there when classmates Cameron and Tyler Winklevoss accused Zuckerberg of stealing their idea for an Internet social network — a situation memorably portrayed in the 2010 film “The Social Network,” in which the Summers character sarcastically dismissed the twins’ complaints.

(By Alexei Oreskovic, editing by Steve Orlofsky)