The head of PayPal, owned by eBay, David Marcus is leaving the company to work for Facebook, according to a release published by eBay late Monday afternoon. Marcus will focus on Facebook’s messaging products, eBay said. Facebook Messaging is a standalone application on iOS, Android and Windows Phone, though the company also introduced a new app called “Slingshot” on Monday that will compete with Snapchat.
“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,” Marcus said of the company he will soon depart. “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.”
eBay said Marcus’ last day with the company is June 27 — it’s unclear when he starts at Facebook. According to his LinkedIn profile, Marcus has been the president at PayPal for two years and three months, though he has been with the company longer. He’s also an investor in many startups including Feedly, Path and others. His own startup, Zong, was acquired by eBay/PayPal in 2011.
Shares of eBay are trading down almost two-percent in after hours following the news.