Former PayPal president Scott Thompson has left the company to become the CEO of Yahoo! This left an empty spot for eBay to fill at PayPal. That spot has been filled by David Marcus, the former CEO of Zong and the former PayPal Mobile VP. PayPal acquired Zong for $240 million.
“He’s going to lead PayPal with that ?founder?s perspective,? to bring start-up energy to PayPal?s unmatched global reach and digital payment capabilities. With David at the helm, we will have an even deeper commitment at PayPal, and across eBay Inc., to be a leading technology-driven and customer-focused product innovation company. We?ll continue to focus on accelerating product innovation, driving consumer engagement and creating a world where paying anytime, anywhere and any way is synonymous with PayPal,” wrote PayPal acting president John Donahoe.
Marcus’ first company was a telecommunications company called GTN in 1996, which was acquired by World Access in 2000. That same year he launched Echovox, a mobile media monetization company that allowed large media companies to connect with their mobile audiences. Zong spun out of Echovox and offered a mobile payments platform. After PayPal acquired Zong last year, Marcus became VP of Mobile Payments at PayPal.
PayPal processed $4 billion in mobile payment transactions last year and they expected $7 billion in mobile payment volume in 2012. Marcus has been hard at work to create a Square-like mobile payments hardware and software platform.