Walmart has named PayPal executive John Rainey as its next chief financial officer, taking over from the departing Brett Biggs.
Plans call for Rainey, currently CFO and executive vice president of global customer operations at PayPal, to take the reins as Walmart’s CFO on June 6, Bentonville, Ark.-based Walmart said late yesterday. The nation’s largest retailer had announced in late November that Biggs planned to leave the company in 2023 to pursue other opportunities.
“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” Rainey said in a statement. “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.”
Rainey has served as PayPal’s CFO and global customer operations executive VP since joining the digital payments specialist in 2015. In the role, he oversees all of PayPal’s financial operations and leads the team directing PayPal’s service experiences through its customer operations centers worldwide. Previously, he spent over five years at United Airlines, most recently as executive VP and CFO. Rainey came to United in 2010 upon the company’s merger with Continental Airlines, where he spent 13 years, most recently as vice president of financial planning and analysis. He started his professional career at Ernst & Young.
Currently, Rainey also serves on the board of directors at financial exchange Nasdaq, where he chairs the finance committee and is a member of the audit committee.
“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” Walmart President and CEO Doug McMillon stated. “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.”
After Rainey assumes the CFO post, Biggs will serve as an adviser to assist in the transition until he exits the company on Jan. 31, according to Walmart. He also will continue to represent Walmart as a board member on its FinTech startup joint venture with Ribbit Capital. Walmart said Biggs plans to “begin a new chapter of opportunities” in the for-profit and nonprofit sectors.