PayPal President David Marcus is stepping down from his position to join Facebook, where he'll work on the company's mobile-messaging products.
In a public Facebook post, Marcus writes that he has decided to leave PayPal now so that he could once again focus on building products, and "because I feel that PayPal has never been in a better position to capitalize on its unique place in the market."
Marcus joined PayPal as vice president in 2011, after it bought his company, Zong, and was promoted to president in 2012. PayPal's leadership team will report to eBay president and CEO John Donahoe until a replacement for Marcus is found.
In his Facebook post, Marcus writes that he decided to make the move after a get together with CEO Mark Zuckerberg.
"Mark shared a compelling vision about Mobile Messaging," he says. "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. So ... yes. I’m excited to go to Facebook to lead Messaging Products. And I’m looking forward to getting my hands dirty again attempting to build something new and meaningful at scale."
According to Re/code's Kara Swisher, Marcus will be dealing with Messenger, Facebook's standalone messaging app with 200 million monthly active users, but not WhatsApp, the mobile-messaging company that Facebook bought for $19 billion in February.
It hasn't exactly been an easy year for Marcus. In February, an internal memo was leaked in which he angrily scolded PayPal employees for not using company products, and, in May, ex-PayPal director of strategy Rakesh Agrawal went on a public Twitter rampage against some PayPal employees and, eventually, the company in general.
"As the head of PayPal, David helped make a great business better, reinvigorating product design and innovation and energizing the team to deliver compelling consumer experiences," Donahoe writes.
Marcus learned to code at age 8 and started his first company when he was only 23, according to Facebook's announcement of the news.
Here's the full press release from PayPal:
eBay Inc. (EBAY) today announced that PayPal President David Marcus is leaving the company on June 27 to lead Facebook’s messaging products.
“As the head of PayPal, David helped make a great business better, reinvigorating product design and innovation and energizing the team to deliver compelling consumer experiences,” said eBay Inc. President and CEO John Donahoe.
“An entrepreneur at heart, David has made a career decision to focus on what he loves most – leading smaller teams to create great product experiences,” Donahoe said. “We wish him well. He leaves behind a strong leadership team, committed to not skipping a beat on executing our plans, scaling product innovation and driving global growth.”
The company, which expects to report second quarter results on July 16, said PayPal continues to build good momentum and is on track to meet its guidance for 2015. PayPal’s leadership team will report to Donahoe until a new president is named.
“Leading PayPal has been one of the most amazing experiences of my career,” Marcus said. “I’m proud of what we’ve done together over the past two years, reinvigorating and accelerating product innovation and strengthening PayPal’s global leadership in mobile and digital payments. I believe PayPal is poised for long-term success in creating the future of money. And I know the business has a strong leadership team in place. That’s why now felt like the right time to make a change and return to how I most love to spend my time, leading smaller teams to build great product experiences.”
PayPal has more than 148 million active accounts and in 2013 processed $180 billion in payment volume. A mobile commerce payments leader, PayPal processed $27 billion of mobile payments volume in 2013. PayPal accounted for 41 percent of eBay Inc. revenue in 2013.
In addition to safe, secure and easy to use online payments solutions, PayPal is driving offline, point-of-sale payments innovation with products such as PayPal Beacon, PayPal Here and PayPal mobile. PayPal also is offering best-in-class merchant solutions including Credit, small business lending products with PayPal Working Capital and simple to integrate developer tools with its global Mobile SDK. In late 2013, PayPal completed its acquisition of Braintree, which provides payments for next-gen mobile leaders such as Uber, Airbnb and TaskRabbit.
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