June 12, 2024


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Walmart taps PayPal’s finance chief John Rainey as CFO

Walmart’s emblem is witnessed outside one particular of its suppliers in Chicago, Illinois, U.S., November 20, 2018. REUTERS/Kamil Krzaczynski

April 12 (Reuters) – Walmart Inc (WMT.N) has appointed PayPal Holdings Inc’s (PYPL.O) finance head, John Rainey, as main fiscal officer (CFO), the world’s premier retailer claimed on Tuesday.

Rainey will consider around as CFO productive June 6, changing Brett Biggs, Walmart’s finance chief because 2015, who declared his exit late last 12 months. read more

Rainey, who announced his departure from PayPal on Tuesday after practically seven several years with the payments company, joins Walmart at a time when suppliers across the board are rushing to beef up their e-commerce businesses subsequent the pandemic-led shift to online buying.

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Walmart in 2018 purchased a the vast majority stake in Indian on the web marketplace Flipkart in a $16 billion deal, its major overseas expense, and strengthened its U.S. e-commerce business by obtaining apparel shops Modcloth and Bonobos.

Walmart explained Biggs will provide as an adviser until eventually he leaves the business in January 2023.

PayPal stated it has appointed senior executive Gabrielle Rabinovitch as interim CFO and introduced a official search for Rainey’s alternative.

Rainey, who is on the board of directors at Nasdaq, also served as CFO at United Airlines (UAL.O).

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Reporting by Deborah Sophia in Bengaluru
Modifying by Vinay Dwivedi

Our Criteria: The Thomson Reuters Have confidence in Ideas.