Walmart (NYSE: WMT) has hired PayPal ( NASDAQ: PYPL) executive, John Rainey, as its next vice president and chief financial officer (CFO).
In a press statement, the company said that Rainey would assume the responsibilities of CFO from June 6, 2022.
Rainey currently holds the same post at PayPal in addition to his duties as executive vice president of global customer operations.
Before PayPal, Rainey was executive vice president and CFO at United Airlines and spent a combined 18 years between United and Continental Airlines. He began his professional career at Ernst & Young LLP.
Walmart President and chief executive officer (CEO) Doug McMillon said, “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.”
The current CFO, Brett Biggs, would support the transition to Rainey over the coming months, remaining in the position until June 6. He would then serve as an advisor until he leaves the company on Jan. 31, 2023.
As part of the transition, Biggs will continue to represent the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital.
(With inputs from Walmart)