A quarter of a century is an impressive amount of time to dedicate to your field of focus, and Walmart’s newest Chief boasts an even more extensive background. The big-box chain has named John Rainey as its new Executive Vice President and Chief Financial Officer, who will step into the role on June 6.
“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” said Rainey. “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.”
Rainey first began his professional career at Ernst & Young. After, according to his LinkedIn, he then went to Continental Airlines as a Vice President of Financial Planning and Analysis from 1997 to 2010. He then worked for United Airlines, where he was most recently the Executive Vice President and CFO.
He then went on to PayPal, where he currently serves as the company’s CFO and Executive Vice President, 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.
“John has a proven track record of leading change at scale in customer service organizations, innovating in their fields,” said President and Chief Executive Officer 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.”
According to the release, Rainey’s appointment comes as the current CFO Brett Biggs is 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 January 31, 2023. As part of the transition, he will also continue representing the company as a Board Member on Walmart’s FinTech startup joint venture with Ribbit Capital.
What’s next for Walmart’s leadership team? Stay tuned as we report.