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Walmart Inc. was revealed to have hired a new chief financial officer and chose a PayPal executive for the position. It was reported that the retail giant appointed John Rainey to be its CFO, and his assignment will take effect on June 6.
Walmart’s new CFO was PayPal Holdings Inc's finance chief when he was recruited by the Bentonville, Arkansas headquartered retail company that operates a chain of hypermarkets, groceries, and discount stores across the United States and other territories.
According to Reuters, the appointment of a new financial executive at Walmart was revealed on Tuesday, April 12. Rainey will be replacing Brett Biggs, who has been the company’s CFO since 2015. His exit is not surprising as this was already announced by Walmart late last year.
On the other hand, for his move to one of the leading retailers in the country, Rainey submitted his resignation and announced his exit from PayPal Inc. earlier this week as well. Prior to his departure, he has been serving the financial technology company that specializes in online payments systems and money transfers for almost seven years.
It was noted that Rainey was recruited by Walmart at a time when local retailers were rushing to bolster and strengthen their e-commerce businesses after the pandemic significantly changed the way people shop for their needs. Most people have shifted to online shopping, and this is now the area that the company wants to improve and be able to offer the best service to customers.
“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” Doug McMillon, Walmart’s president and chief executive officer, said in a press release. “I am 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.”
Meanwhile, the outgoing CFO, Brett Biggs, will still be around the company until January 2023 and will serve as an adviser until his official departure next year. Now, with Rainey’s exit from PayPal, Gabrielle Rabinovitch has been assigned to take over as interim CFO, and the search for a replacement has been formally launched as well.
