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 capitalise 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.”
It hasn’t exactly been an easy year for Marcus. In February, an internal memo 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 very public Twitter rampage against some PayPal employees and, eventually, the company in general.
Marcus learned to code at age eight 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: