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04/12/2022

Walmart taps PayPal exec as its next CFO

Marianne Wilson
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John Rainey
John Rainey has been named CFO of Walmart Inc., effective June 6.

The search is over. 

Walmart Inc. has named John Rainey, who has a strong tech/fintech background but no direct retail experience,  as its next  chief financial officer, effective June 6, 2022. He will succeed Brent Biggs, who has served as Walmart CFO since Dec. 31, 2015. In November, Walmart said that Briggs would be leaving “to begin a new chapter of opportunities in both the for-profit and nonprofit sectors.”

Biggs will support the transition to Rainey during the coming months, remaining in the CFO role until June 6, and then serve as an advisor until he leaves the company on Jan. 31, 2023.  As part of the transition, Biggs will also continue representing the company as a board member on Walmart’s FinTech startup joint venture with Ribbit Capital.

Rainey joins Walmart from PayPal, where he serves as the CFO and executive VP, global customer operations and is responsible for all of PayPal’s financial operations. He also leads the company’s global customer operations team, guiding PayPal’s efforts to deliver great service experiences through its customer operations centers around the world, Walmart stated.

Prior to PayPal, which he joined in 2015, Rainey was executive VP 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.

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

Rainey is also on Nasdaq’s board of directors, where he is a member of the audit committee and chair of the finance committee.

“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” said Rainey. “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.”