Palo Alto, CA-based PayPal Inc. has promoted David Sacks to chief operating officer. He had been executive vice president of product. The company says he was responsible for the rapid development of the PayPal online payment product to $1 billion a quarter in transactions. He joined the company in November 1999.
In his new role, Sacks will have responsibility for product development and design, sales and marketing, business development, international, customer service, fraud operations, and HR.
Before joining PayPal, Sacks was a management consultant for McKinsey & Co., where he focused on the telecommunications and financial services industries.
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