PayPal President David Marcus Is Stepping Down To Join Facebook

PayPal CEO David Marcus is stepping down from his position to join Facebook, where he'll work on the company's mobile messaging products.

eBay President and CEO John Donahoe says that Marcus has made the career decision so that he could focus on what he loves the most: Leading smaller teams and creating great product experiences.

Marcus joined PayPal as vice president in 2011, and was promoted to president in 2012.

Here's the full press release:

eBay Inc. (Nasdaq: 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.