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Walmart names chief financial officer

Former PayPal exec John Rainey will assume the responsibilities of CFO at Walmart on June 6, succeeding Brett Biggs.
john rainey headshot

Walmart is welcoming a new executive. John Rainey has been named Walmart’s executive vice president and chief financial officer. Rainey will assume the responsibilities of CFO on June 6, 2022.

“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” said Walmart president and CEO Doug McMillon. “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.”

[Read more: Pharmacy Innovator of the Year: Walmart connects with communities]

Rainey joins Walmart from PayPal, where he currently serves as the company’s CFO and executive vice president of global customer operations. In this role, Rainey is responsible for all of PayPal’s financial operations. He also leads the company’s global customer operations team, guiding PayPal’s efforts to deliver great service experiences through its customer operations centers around the world. Prior to PayPal, Rainey was executive vice president and CFO at United Airlines, and spent a combined 18 years between United and Continental Airlines. He began his professional career at Ernst & Young.

Rainey also is on Nasdaq’s board of directors, where he is a member of the audit committee and chair of the finance committee. He also serves on the advisory board at Baylor University’s Hankamer School of Business.

“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” Rainey said. “I’ve closely watched Walmart’s transition to an omnichannel company, and I can’t wait to join the management team and our 2.3 million associates to continue to help people around the world save money and live better.”

[Read more: Walmart's CFO to depart]

The company previously announced that Brett Biggs, who currently serves as CFO, would be leaving to begin a new chapter of opportunities in both the for-profit and nonprofit sectors. Biggs will support the transition to Rainey over the coming months, remaining in the CFO role until June 6, and then serve as an advisor until he leaves the company on Jan. 31, 2023. As part of the transition, he also will continue representing the company as a board member on Walmart’s FinTech start-up joint venture with Ribbit Capital.

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