David Marcus to leave PayPal for Facebook
PayPal President David Marcus is leaving the company at the end of the month to join Facebook to run the social media company’s mobile messaging business.
Marcus announced the decision in a Facebook post yesterday.
"While I was in the middle of my thought process about what was next for me, Mark Zuckerberg and I got together," Marcus wrote in his post. "Mark shared a compelling vision about mobile messaging. At first, I didn't know whether another big company gig was a good thing for me, but Mark's enthusiasm, and the unparalleled reach and consumer engagement of the Facebook platform, ultimately won me over."
The news comes at a time when Facebook has been involved in rumors connecting it to mobile payments.
In April, the Financial Times reported Facebook was close to obtaining an e-money license in Ireland. The license would enable Facebook users in the country to store funds on the network and transfer funds to others through the site's online portal or mobile application. Facebook did not publicly comment on the story, but Marcus’ hire does suggest the company is about to make a more significant play into payments.
"We're excited by the potential to continue developing great new messaging experiences that better serve the Facebook community and reach even more people, and David will be leading these efforts,” Facebook said in a statement.
Meantime, eBay President John Donahoe will lead PayPal until a replacement is found.