EBay (EBAY) chose the founder and former CEO of a mobile-payments company it acquired last year to be the new president of PayPal, replacing current Yahoo (YHOO) CEO Scott Thompson.
David Marcus -- PayPal's vice president of mobile since the
online-payments company completed the acquisition of his startup, Zong, in
August 2011 -- takes over the role as PayPal continues a big push into the
mobile market.
"David is the right leader for PayPal," eBay President and CEO John
Donahoe said in the news release announcing Marcus's promotion. "... He will
sharpen PayPal's focus on accelerating product innovation, driving consumer
engagement and making paying anytime, anywhere through your digital wallet a
safe, easy and convenient experience.
Marcus was credited with helping to lead the San Jose company's PayPal
Here initiative, which challenges popular startup Square by offering a small
dongle that can be added to a smartphone to allow the user to swipe a credit
card and instantly receive payments.
"He is a well-regarded executive and entrepreneur with both a payments
and Internet background," Robert W. Baird analyst Colin Sebastian told
Reuters. "A really smart guy."
"I'm honored and excited to be asked to lead this unique business and
help make the digital wallet an amazing experience for merchants and consumers
worldwide," Marcus said in the news release.
Zong was a Menlo Park company that allowed users to charge purchases to
their wireless phone account. eBay agreed to purchase the company for $240
million in July 2011.
Thompson was named CEO of Sunnyvale Internet giant Yahoo late last year,
and officially took the reins of the company in January.
