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Paypal President leaving to join Facebook

David Marcus, the President of Paypal, will be leaving the digital money network to join Facebook’s Mobile Messaging arm. In this public Facebook post, he details his reasons for leaving. It hasn’t been an easy ride.
I fell in love with it, its people, and the immense opportunity ahead. Going from managing a few hundred people at best in my entrepreneurial career, I suddenly found myself leading 14,000. The first year took its toll on me. It was hard. The second year started becoming more “natural”, and as we made progress on a number of fronts: technology, product, marketing, sales, and more importantly culture. I realized that my role was becoming a real management one, vs. my passion of building products that hopefully matter to a lot of people.
Marcus has been at Paypal for three years – ever since Paypal bought Zong, the payments startup he built. It hasn’t been smooth sailing for Marcus – he had a tiff with a some Paypal employees, According to Recode, Marcus will be handling Messenger, but not Whatsapp. Speculation is rife on what Mark Zuckerberg intends with this rather high-value talent steal – given Marcus’ background, it might very well be that Facebook is looking to monetize its Messaging products.
It hasn’t exactly been an easy year for Marcus. Earlier this year, an angry internal memo, in which he blasted Paypal employees fornot using Paypal products, was leaked. Later, Rakesh Agrawal – a PayPal director of strategy – stormed out after less than two months at the company, leaving a string of angry tweets in his wake.

PayPal’s top management will apparently report to eBay President and CEO, John Donahue, until they find a replacement for Marcus. In a rather gallant press release, Donahue praised David Marcus and complimented him on his decision. It looks like we might have to put hopes of Paypal expanding in Sri Lanka off for a bit.


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