Dive Brief:
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PayPal president David Marcus will leave the payment service company June 27 to head Facebook’s messaging segment, he announced Monday.
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In a LinkedIn post, Marcus wrote, “Mark [Zuckerberg] 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. 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.”
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EBay Inc., which owns PayPal, said the executive team will report to eBay CEO John Donahoe until a new PayPal president is found.
Dive Insight:
Despite what he says on LinkedIn, that PayPal is in a good place, Marcus’s exit comes at a tough time for the payment service. PayPal has been battling pressure from investors to break off from eBay, and the company recently lost its new director of strategy, Rakesh Agrawal, after he sent out a string of late-night tweets, some of which bashed his colleagues and the company’s long-term prospects.
