Mobile payment processor Square says Magic Johnson will join its board this summer

MarketsAssociated Press

Mobile payment processing company Square says former basketball star and Los Angeles Dodgers co-owner Magic Johnson will join its board this summer.

The company did not say exactly when Johnson will become a director.

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Johnson was inducted into the Naismith Memorial Basketball Hall of Fame in 2002 and is the chairman and CEO of Magic Johnson Enterprises, which provides entertainment and products and services to multicultural communities, and the founder and chairman of the Magic Johnson Foundation, which runs HIV and AIDS Awareness and prevention programs. He is also part of a group that bought the Dodgers in 2012.

Square Inc. was founded in 2009 and it makes a quarter-sized card-reading device that plugs into the headphone jack of smartphones and tablet computers, allowing the devices to process payments.

Square's founder and CEO is Jack Dorsey, a co-founder of Twitter who was named interim CEO of the messaging company last week.