May 20, 2022
John Rainey, new Walmart CFO

Walmart has announced the appointment of John Rainey as chief financial officer, having convinced him to leave his position at Paypal to join the retail giant.

Rainey will replace outgoing Walmart finance chief Brett Biggs, who announced he was stepping down from the role last year having been in the position since 2015.

Rainey’s appointment will be effective from June 6th and Biggs will continue to serve as an adviser until he leaves the company in January 2023, Walmart confirmed.

It is understood that the desire to appoint Rainey was driven by the official’s experience in the e-commerce sector, with Walmart keen to bolster their digital setup in the wake of the pandemic-induced rise in online shopping.

Even prior to the pandemic the retailer was making moves in the digital sector, acquiring a majority stake in Indian online marketplace Flipkart in a deal worth $16bn in 2018. Walmart has since also acquired online clothing retailers Modcloth and Bonobos.

Rainey, who is also on the board of directors at Nasdaq, had spent almost seven years with PayPal before announcing his departure today. The payments firm said it has appointed senior executive Gabrielle Rabinovitch as interim CFO and will start the search for a permanent replacement.