Walmart has named PayPal’s Chief Financial Officer John Rainey as its new finance chief as it chooses an outsider to build a financial-technology venture and a membership program.
Rainey will begin work on Monday, June 6, according to a statement released by Walmart on Tuesday, April 12. Rainey, a United Airlines veteran who joined PayPal in 2015, will take over from Brett Biggs, who announced last year that he would be leaving Walmart in early 2023.
The new CFO faces a tough job as he will take over as the world’s largest retailer deals with soaring inflation, supply chain issues, and rising labor costs in the United States.
During the pandemic period, the company also saw healthy sales gains, though its performance lagged behind rivals such as Target and Costco.
Rainey is working on two major projects.
The first is Walmart’s intention to provide an app that will allow customers to save, borrow, and receive money. The other is the expansion of its paid membership program, Walmart+, which is widely regarded as a competitor to Amazon.com Inc.’s Prime.
Walmart CEO Doug McMillon said: “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 will continue to work for PayPal until late May, when Gabrielle Rabinovitch, senior vice president of corporate finance and investor relations, will take over as interim CFO.
Rainey worked in the airline industry for 18 years before joining PayPal, at United and Continental Airlines. He is not the only Walmart executive with an airline background; lead director Tom Horton is a former CEO of American Airlines.
Rainey started his career at Ernst & Young. He serves on the boards of Nasdaq Inc. and Baylor University’s Hankamer School of Business.
Source: Transport Topics