Former PayPal executive John Rainey has been named Walmart’s next Executive Vice President and Chief Financial Officer, the company announced on Tuesday. Rainey will assume the responsibilities of CFO at Walmart effective 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 CEO 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 our company.”
Rainey joins Walmart from PayPal, where he serves as the company’s CFO and executive vice president of Global Customer Operations. In this role, Rainey is responsible for all of PayPal’s financial operations, and leads the company’s Global Customer Operations team. Prior to PayPal, Rainey was executive vice president and CFO at United Airlines and spent a combined 18 years between United and Continental Airlines. He began his professional career at Ernst & Young LLP.
Rainey 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.”
Walmart previously announced that its current CFO, Brett Biggs, would be leaving. Biggs will support the transition to Rainey over the coming months, remaining in the CFO role until June 6, after which he will serve as an advisor until he officially leaves the company on Jan. 31, 2023. As part of the transition, Biggs will also continue representing the company as a board member on Walmart’s FinTech startup joint venture with Ribbit Capital.