Former PayPal CFO succeeds Brett Biggs in role

BENTONVILLE, Ark. — Walmart has named John Rainey executive vice president and chief financial officer (CFO), effective June 6.

Rainey will succeed Brett Biggs, who announced last year that he planned to step down after 22 years with Walmart. Biggs will support the transition to Rainey over the coming months, remaining in the CFO role until Rainey takes over on June 6, and then serving as an advisor until he leaves the company on January 31, 2023. As part of the transition, Biggs will also continue representing the company as a board member on Walmart’s FinTech startup joint venture with Ribbit Capital.

John Rainey

Rainey joins Walmart from 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. Prior to PayPal, Rainey was executive vice president and CFO at United Airlines, and hw spent a combined 18 years between United and Continental Airlines. He began his professional career at Ernst & Young LLP.

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

Rainey is also 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 for 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,” 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.”