Why has Walmart hired PayPal CFO as its new EVP and CFO

On Tuesday, Walmart Inc. announced that their next Executive Vice President and Chief Financial Officer, (CFO), John Rainey will assume his duties on June 6, 2022. On the same day, John Rainey, the Chief Financial Officer of PayPal announced that he was stepping down from the payments company to pursue new opportunities. He will continue with PayPal till late May.

The big box retailer had said that long time CFO of Walmart Brett Biggs was leaving the company to pursue opportunities in both profit and nonprofit sectors. However, he will remain as CFO till June 6, following which he will serve as advisor, until he leaves Walmart on January 31, 2023.

Rainey’s appointment as Executive Vice President (EVP) and CFO is a coup for Walmart as it seeks to expand its fintech services. Walmart has a joint venture with Ribbit Capital which was formed in 2021. In February, its fintech operations called Hazel recently acquired Even and One. Walmart had announced that these two acquisitions would streamline its services into “a single financial services app.”

John Rainey has a load of experience in all things financial. He started his career at Ernst & Young. He was EVP and CFO at United Airlines. He joined PayPal as CFO about seven years ago and has been responsible for all its financial operations. He was also one of the architects who brought Venmo and crypto onboard at PayPal.

Rainer serves on the board of Nasdaq as the chair of the finance committee and a member of the audit company. He is also a member of the advisory board at Hankamer School of Business at Baylor University.

Walmart President and Chief Executive Officer Doug McMillion spoke of John’s past record and experience and said that his “experience leading finance in complex, highly competitive industries” would help Walmart deliver for their customers and shareholders as they “continue to transform” their company.

Rainer said that he was “excited and humbled” to join Walmart. Describing it as “an iconic company” he also said that he couldn’t wait to join the management team and their 2.3 million associates as they continued “to help people around the world save money and live better.”

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