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Walmart hires PayPal executive as its chief financial officer

Walmart hires PayPal executive as its chief financial officer

Walmart has appointed John Rainey, PayPal’s chief financial officer, as its new chief financial officer.

Walmart

Walmart said Tuesday it has appointed PayPal CEO John Rainey as its new chief financial officer.

Rainey currently holds the same position at the fintech company and will take over as Walmart’s CFO on June 6. He will take over the reins from longtime chief financial officer Brett Biggs, who announced in November that he was stepping down.

Walmart CEO Doug McMillon said in a press release that Rainey “has a proven track record of pioneering large-scale change in customer service organizations that innovate in their fields.

“I am confident that John’s combination of financial and digital acumen, along with his experience in leading finance in complex, highly competitive industries, will help us provide services to our customers and shareholders as we continue to transform our company,” MacMillon said.

Rainey joins Walmart as the major retailer seeks new revenue streams. Among them, the company wants to expand the third-party market and intensify its advertising business.

Walmart has also invested in new areas. I created and supported a fintech startup led by former Goldman Sachs bankers. Biggs, the retailer’s outgoing chief financial officer, sits on the startup’s board of directors.

Bigs will step down from Walmart in early June, but remains as chancellor until January 31 to support the transition.

Prior to joining PayPal, Rainey was the Chief Financial Officer of United Airlines. He started his career at Ernst & Young.

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