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Retail

Walmart Taps PayPal's Finance Chief John Rainey As CFO

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 6 June, 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.

“John has a proven track record of leading change at scale in customer service organisations innovating in their fields,” said Walmart president and chief executive officer 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.”

Flipkart

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 e-commerce 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.

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

Commenting on his new role, said, “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.”

News by Reuters, additional reporting by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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