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TheStreet Open House

EBay Inc. Names Mobile Payments Entrepreneur And Product Innovator David Marcus President Of PayPal

eBay Inc. (Nasdaq: EBAY) today announced that executive David Marcus has been named President of PayPal, effective April 2. PayPal is the leading online payments provider serving millions of merchants and customers around the world with a faster, safer way to pay and be paid. A member of PayPal's executive management team, Marcus, has been leading PayPal's rapidly growing mobile payments business and has driven important mobile product innovations. Reporting to eBay Inc. President and CEO John Donahoe, Marcus succeeds Scott Thompson, who left the company in January.

"David is the right leader for PayPal," Donahoe said. "He is a successful technology entrepreneur with a passion for great products that engage and delight customers. David leads with a founder's perspective. He will bring start-up energy to PayPal's unmatched global reach and digital payments capabilities. And 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. David's appointment signals our deep commitment at PayPal, and across eBay Inc., to be a leading technology-driven and customer-focused product innovation company."

As Vice President of Mobile for PayPal, Marcus has helped lead strong mobile payments volume growth and innovation, including PayPal Here. The new global service includes a free app and encrypted thumb-sized card reader, which turns any iPhone, and soon Android smartphone, into a comprehensive mobile payments solution. With PayPal Here, small businesses, service providers and casual sellers can accept debit and credit cards, checks and PayPal, or send invoices using one simple integrated product.

“Shopping is fun, but paying is not,” Marcus said. “PayPal has an incredible opportunity to make the way people pay simple, easy, and safe – everywhere, and at scale. We’re off to a great start in 2012 with breakthrough products that will truly change the way everyone shops and pays. 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.”

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