Walmart hires PayPal executive as its chief financial officer

Walmart hires PayPal executive as its chief financial officer


Artur Widak | NurPhoto | Getty Images

Walmart said Tuesday it has hired PayPal executive John Rainey to become its new chief financial officer.

Rainey currently holds the same post at the financial technology company and will step in as CFO at Walmart on June 6. He will take the reins from longtime CFO Brett Biggs, who announced in November that he would step down.

Walmart CEO Doug McMillon said in a news release that Rainey “has a proven track record of leading change at scale in customer service organizations innovating in their fields.

“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,” McMillon said.

Rainey is joining Walmart as the big-box retailer chases new streams of revenue. Among them, the company wants to grow its third-party marketplace and ramp up its advertising business.

Walmart has also invested in new areas. It created and backed a fintech start-up that’s led by former Goldman Sachs bankers. Biggs, Walmart’s outgoing CFO, sits on the start-up’s board.

Biggs will step down from his role at Walmart in early June, but stay on as an advisor through Jan. 31 to support the CFO transition.

Prior to joining PayPal, Rainey was CFO at United Airlines. He began his career at Ernst & Young.



Source

Newark air traffic controllers lost contact with planes again in overnight outage
Business

Newark air traffic controllers lost contact with planes again in overnight outage

A man stands outside Terminal C with the airport control tower in the background at Newark Liberty International Airport, on May 6, 2025 in Newark, New Jersey. Andres Kudacki | Getty Images Air traffic controllers who guide planes in and out of Newark Liberty International Airport lost radar and communication with aircraft before dawn on […]

Read More
ESPN will call its forthcoming flagship streaming app simply ‘ESPN,’ sources say
Business

ESPN will call its forthcoming flagship streaming app simply ‘ESPN,’ sources say

A general view of the ESPN logo on a camera at Simmons Bank Liberty Stadium in Memphis, Tennessee, on April 6, 2024. Wes Hale | UFL | Getty Images At long last, ESPN has chosen a name for its upcoming all-access streaming service. Ready? It’s “ESPN.” Disney’s sports media division will announce the new — […]

Read More
Something ‘striking’ is happening with apartment renters
Business

Something ‘striking’ is happening with apartment renters

Renting has its benefits. It’s usually cheaper than buying a home, and it offers the freedom of moving without much hassle. That’s why about half of apartment renters in large urban markets usually move when their leases expire. But that is not happening now. The low turnover is “striking,” according to real estate analyst Alex […]

Read More