PayPal president David Marcus is leaving the payments company to join Facebook as its vice president of messaging products.
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.