Wednesday, Sep 3, 2014Wednesday, Sep 3, 2014
Business
 

Head of eBay's PayPal unit steps down to join Facebook

Published on Jun 10, 2014 9:30 AM
 
David Marcus, who has led eBay Inc's fast-growing payments unit PayPal for the past two years, will step down this month to run Facebook Inc's messaging products, the companies announced on Monday. -- PHOTO: AFP

SAN FRANCISCO (REUTERS) - David Marcus, who has led eBay Inc's fast-growing payments unit PayPal for the past two years, will step down this month to run Facebook Inc's messaging products, the companies announced on Monday.

EBay shares fell a little more than 2 percent in trading after hours. Under Marcus, PayPal has moved more aggressively into the physical world by developing a mobile wallet for consumers as well as point-of-sale systems for retailers.

The move marks Facebook's latest effort to bolster its private messaging features as it faces competition from a new crop of popular mobile messaging services such as Snapchat and Line. In February, Facebook stunned observers by announcing plans to acquire messaging service WhatsApp for US$19 billion (S$23.8 billion).

In the newly created role of vice president of messaging products, Marcus will oversee the Messenger service within Facebook's social network as well as the free Messenger mobile app, but not WhatsApp, said Facebook spokeswoman Vanessa Chan.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos