Walmart Hires PayPal’s Finance Head As Its New CFO

Walmart has hired PayPal’s finance chief, John Rainey, as its new chief financial officer (CFO).

He will be replacing Brett Biggs, who has served in the position since 2015 and announced his exit from the company last year.

Rainey’s appointment comes at a time when Walmart is seeking to bolster its online business following the surge in demand for eCommerce. In just the past few years, Walmart has made several key acquisitions and investments in the U.S. and internationally to build a stronger footing and fend off competition from eCommerce giant Amazon.

In 2018, the company bought a majority stake in India’s Flipkart for $16 billion, making it its biggest overseas investment.

Meanwhile, in the U.S. market, the company acquired apparel retailers Bonobos and Modcloth.

Following Rainey’s exit from PayPal, the payment firm has appointed senior executive Gabrielle Rabinovitch as interim CFO , and has launched a search to find Rainey’s replacement, Reuters reported.

Rainey previously served as CFO at United Airlines and he is on the board of directors at Nasdaq.

Originally published at https://retailbum.com on April 13, 2022.