Walmart hires PayPal executive as its chief financial officer

Walmart has employed John Rainey, PayPal’s chief fiscal officer, as its new CFO.


Walmart stated Tuesday it had tapped PayPal govt John Rainey as its new main monetary officer.

Rainey presently holds the exact submit at the economic technology firm and will step in as CFO at Walmart on June 6. He will get the reins from longtime CFO Brett Biggs, who introduced in November that he would stage down.

Walmart CEO Doug McMillon mentioned in a news release that Rainey “has a confirmed observe report of leading improve at scale in shopper support corporations innovating in their fields.

“I’m self-assured that John’s combine of money and digital acumen, coupled with his expertise main finance in complicated, highly competitive industries, will assist us supply for our shoppers and shareholders as we keep on to completely transform our corporation,” McMillon reported.

Rainey is becoming a member of Walmart as the massive-box retailer chases new streams of profits. Between them, the enterprise needs to develop its third-celebration market and ramp up its promoting business enterprise.

Walmart also has invested in new regions. It created and backed a fintech startup that’s led by former Goldman Sachs bankers. Biggs, the retailer’s outgoing CFO, sits on the startup’s board.

Biggs will phase down from his purpose at Walmart in early June, but remain on as an advisor by way of Jan. 31 to assist the changeover.

Prior to joining PayPal, Rainey was CFO at United Airways. He began his profession at Ernst & Youthful.