Vinod Khosla, the second-largest shareholder in Square, is leaving the board ahead of its IPO

Vinod Khosla, the second largest shareholder of Square, has stepped down from the company's board as it prepares to go public, according to Monday's amended SEC filing.

Khosla, who owns 17 percent of the company, had decided to leave the board prior to the IPO, but will remain an advisor to the payments company. Khosla had been on the board of Square since its early days in 2011.  

"Mr. Khosla has previously expressed his desire to step down from our board of directors immediately prior to our initial public offering, consistent with his stated preference not to serve on the boards of directors of public companies, and has tendered his resignation from our board of directors to take effect upon the effectiveness of the registration statement relating to this offering," the filing stated.

Khosla confirmed the news on Twitter:

 

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