Walmart taps PayPal’s finance chief John Rainey as CFO

Walmart’s emblem is found outside the house 1 of its outlets in Chicago, Illinois, U.S., November 20, 2018. REUTERS/Kamil Krzaczynski

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April 12 (Reuters) – Walmart Inc (WMT.N) has appointed PayPal Holdings Inc’s (PYPL.O) finance head, John Rainey, as chief monetary officer (CFO), the world’s most significant retailer reported on Tuesday.

Rainey will get more than as CFO powerful June 6, replacing Brett Biggs, Walmart’s finance chief due to the fact 2015, who introduced his exit late last calendar year. read more

Rainey, who declared his departure from PayPal on Tuesday just after almost 7 a long time with the payments company, joins Walmart at a time when stores throughout the board are speeding to beef up their e-commerce corporations adhering to the pandemic-led change to on the web shopping.

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Walmart in 2018 purchased a vast majority stake in Indian on-line market Flipkart in a $16 billion deal, its major abroad financial commitment, and strengthened its U.S. e-commerce enterprise by attaining apparel shops Modcloth and Bonobos.

Walmart mentioned Biggs will provide as an adviser until he leaves the firm in January 2023.

PayPal explained it has appointed senior executive Gabrielle Rabinovitch as interim CFO and launched a formal research for Rainey’s replacement.

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

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Reporting by Deborah Sophia in Bengaluru
Editing by Vinay Dwivedi

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