John Rainey, PayPal’s CFO, has been hired as Walmart’s new CFO. He will succeed Brett Biggs, Walmart’s longstanding CFO, who announced in November that he was stepping down from the position.
Rainey is joining Walmart as the retailer looks to diversify its business model and generate new revenue streams. In addition, the company is looking to expand its third-party marketplace and increase its advertising revenue.
Walmart said on Tuesday that it has hired PayPal executive John Rainey to be its new CFO.
On June 6, Walmart’s new CFO, Rainey, will take over the same position at the financial technology company. After Brett Biggs stated in November that he was resigning as CFO, he will take over the reins.
Rainey “has a demonstrated track record of leading transformation at scale in customer service businesses that are innovating in their sectors,” Walmart CEO Doug McMillon stated, per a press release.
“I am convinced that John’s mix of financial and digital skills, coupled with his experience leading finance in complex, highly competitive industries, will help us deliver for our customers and shareholders as we continue to modernise our organisation,” McMillon stated.
Walmart is looking for new revenue streams, which is why Rainey is joining the company. The company’s third-party marketplace and advertising divisions are two of its primary focus areas.
In addition, Walmart has made forays into hitherto untapped markets. It has invested in a startup that was founded by Goldman Sachs bankers and is now run by ex-Goldman employees. Ex-retailer CFO Biggs serves on the board of this start-up.
After his departure from Walmart in early June, Biggs will remain on as an advisor until the end of the year to help with the transition.
Previously, Rainey served as United Airlines’ CFO. Ernst & Young was his first job out of college.