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Walmart Taps PayPal for New CFO

Walmart has named John Rainey to the role of EVP and CFO, effective June 6, 2022. Rainey joins Walmart from PayPal, where he currently serves as CFO and EVP, Global Customer Operations. He succeeds Brett Biggs, who is leaving Walmart to pursue opportunities in both the for-profit and nonprofit sectors.

At PayPal, Rainey is responsible for all of PayPal’s financial operations and leads the Global Customer Operations team in its efforts to deliver top-notch service experiences through its customer operations centers. His prior experience includes time as EVP and CFO of United Airlines, which was part of 18 combined years in roles at both United and Continental Airlines.

“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” said Doug McMillon, President and CEO of Walmart in a statement. “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.”

Biggs will remain with Walmart in an advisory role until January 31, 2023. He also will continue representing the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital. The venture aims to combine Walmart’s retail knowledge with Ribbit’s fintech expertise in order to create tech-driven financial experiences that are tailored to Walmart’s customers and associates. The startup is looking for growth through partnerships and acquisitions within the fintech space.

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