Marcus has been with PayPal since 2011, when his mobile payments company Zong was acquired, and was named president in April 2012. A Facebook representative said there is no determined start date for Marcus yet and did not respond to an inquiry about whether the social network would ready a product to compete with PayPal. There's been speculation in the past that Facebook was doing just that.
In a LinkedIn post announcing his departure, Marcus said his role at PayPal was largely a management one and he wanted to build "products that hopefully matter to a lot of people."
"At first, I didn’t know whether another big company gig was a good thing for me, but [CEO Mark Zuckerberg's] enthusiasm, and the unparalleled reach and consumer engagement of the Facebook platform ultimately won me over," he said.
In February, Facebook announced it was acquiring mobile messaging app WhatsApp for $16 billion. As part of its app strategy, the social network has been pushing consumers to use its standalone Messenger app as it unbundles functionality into distinctly separate pieces of software.