eBay names new PayPal president

PayPal president was named today as David Marcus, who previously run a mobile payments company that eBay bought in 2011.
Written by Zack Whittaker, Contributor

eBay has named David Marcus as the new president of its PayPal unit, filling the role left vacant by former employee Scott Thompson, who left to join Yahoo as its chief executive.

Marcus joined eBay's PayPal division in August 2011 after it bought Zong, a mobile payments and virtual goods company that he founded in 2008, and served as its chief executive.

He became as PayPal's vice president of mobile, a fitting match from the Zong acquisition, and will lead the unit on April 2.

Thompson moved on to take on the Yahoo chief executive role after its interim chief Tim Morse temporarily held the fort after Carol Bartz’ email firing squad.

PayPal, since it was bought by eBay in 2002 for $1.5 billion, has rocketed in size and strength, and continues to fend off competition from rivals, including Facebook, Amazon, and Google's Checkout.

At the rate of growth, it could soon become eBay's largest business.

In 2011, PayPal processed $118 billion in e-payments from over 100 million customers. $4 billion came from mobile payments. Shares in PayPal have increased by nearly a quarter to 23 percent this year.

Image source: LinkedIn.


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