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.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Twitter Offers App Install Ads
- What to Expect From an Amazon Smartphone
- Asia Seeks Obama's Assurance Over Spats
- Coachella's Young Audience a Marketers Paradise
- Nevada Range Showdown Draws Armed Supporters
- Putin: No Blocks to Boosting Relations With West
- National Energy Boom Blurs Political Battle Lines
- Auto Parts Plant Opening in Pa., Jobs on Tap
- NASA's Space Station Robonaut Finally Getting Legs