Walmart Hires PayPal's John Rainey For CFO Post
April 13, 2022
Rainey has been named Walmart’s next Executive Vice President and Chief
Financial Officer (CFO). Rainey will assume the responsibilities of CFO
on June 6, 2022.
“John has a proven track record of leading change at scale in customer
service organizations innovating in their fields,” said Walmart
President and Chief Executive Officer Doug McMillon. “I’m confident that
John’s mix of financial and digital acumen, coupled with his experience
leading finance in complex, highly competitive industries, will help us
deliver for our customers and shareholders as we continue to transform
Rainey joins Walmart from PayPal where he currently serves as the
company’s CFO and Executive Vice President, Global Customer Operations.
In this role, Rainey is responsible for all of PayPal’s financial
operations. He also leads the company’s Global Customer Operations team,
guiding PayPal’s efforts to deliver great service experiences through
its customer operations centers around the world. Prior to PayPal,
Rainey was Executive Vice President and CFO at United Airlines, one of
the world’s largest airlines, and spent a combined 18 years between
United and Continental Airlines. He began his professional career at
Ernst & Young LLP.
is also on Nasdaq’s board of directors, where he is a member of the
audit committee and chair of the finance committee. He also serves on
the advisory board for Baylor University’s Hankamer School of Business.
“I’m excited and humbled to join such an iconic company at a time when
the retail industry continues its transformation,” said Rainey. “I’ve
closely watched Walmart’s transition to an omnichannel company, and I
can’t wait to join the management team and our 2.3 million associates to
continue to help people around the world save money and live better.”
The company previously announced that Brett Biggs, who currently serves
as CFO, would be leaving to begin a new chapter of opportunities in both
the for-profit and nonprofit sectors. Biggs will support the transition
to Rainey over the coming months, remaining in the CFO role until June
6, 2022, and then serve as an advisor until he leaves the company on
Jan. 31, 2023. As part of the transition, he will also continue
representing the company as a board member on Walmart’s FinTech startup
joint venture with Ribbit Capital.