PayPal President David Marcus is leaving the payments company at the end of this month to lead mobile messaging efforts at Facebook.
Marcus, who was president of PayPal for a little over two years, will join Facebook as vice president of messaging products, the company announced Monday. In the position, Marcus will be focused on "developing great new messaging experiences that better serve the Facebook community and reach even more people."
Marcus expanded on his decision to leave eBay-owned PayPal in a message posted on LinkedIn. He said the company is in good shape thanks to a "strong" product pipeline, the acquisition mobile payments company Braintree, and because "talent is flowing into the company again." Marcus added that Facebook CEO Mark Zuckerberg's "vision" for mobile messaging is what finally convinced him to work for the social network.
"At first, I didn't know whether another big company gig was a good thing for me," he wrote, "but Mark's enthusiasm, and the unparalleled reach and consumer engagement of the Facebook platform ultimately won me over."
When Marcus leaves PayPal at the end of June, eBay CEO John Donahoe will lead day-to-day operations until a permanent successor can be appointed, said eBay spokesperson Amanda Miller.
Facebook, the world's largest social network, announced plans in April to remove the chatting feature from its main Facebook app, prompting people to chat instead of use its standalone Messenger app. The move is part of Facebook's larger plan to develop more standalone mobile apps. The standalone Messenger app is used by more than 200 million people every month, Facebook said.
Marcus joined PayPal in 2011 when his company Zong, a mobile payments provider for gaming and social-networking companies, was acquired by eBay.
Facebook shares rose 38 cents Monday to close at $62.88. eBay shares fell 12 cents to close at $49.58.
Update, 3:03 p.m. PT: Adds more background and information.