Walmart names Paypal’s John Rainey as finance chief

Walmart Inc has appointed PayPal Holdings Inc’s finance head, John Rainey, as chief financial officer (CFO), the world’s largest retailer said on Tuesday.

Rainey will take over as CFO effective June 6, replacing Brett Biggs, Walmart’s finance chief since 2015, who announced his exit late last year.

Rainey, who announced his departure from PayPal on Tuesday after almost seven years with the payments firm, joins Walmart at a time when retailers across the board are rushing to beef up their e-commerce businesses following the pandemic-led shift to online shopping.

Walmart in 2018 bought a majority stake in Indian online marketplace Flipkart in a $16 billion deal, its biggest overseas investment, and strengthened its US ecommerce business by acquiring apparel retailers Modcloth and Bonobos.

Walmart said Biggs will serve as an adviser until he leaves the company in January 2023.

PayPal said it has appointed senior executive Gabrielle Rabinovitch as interim CFO and launched a formal search for Rainey’s replacement.

Discover the stories of your interest

Rainey, who is on the board of directors at Nasdaq, also served as CFO at United Airlines.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
Next Post

Stenn banks $50M on a $900M valuation for a platform to finance SMBs that trade internationally

Globalization has been one of the biggest trends in e-commerce in the last decade: internet rails facilitate a much wider marketplace of would-be consumers and a selection of items for them to buy; and to meet that demand manufacturing and logistics have also made great geographical leaps. Now, a startup […]

You May Like