Bentonville, Arkansas-based Walmart Inc. has named John Rainey as the company’s next EVP and CFO. Rainey will assume the responsibilities of CFO on June 6.
“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” said Doug McMillon, Walmart president and CEO. “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 joins Walmart from PayPal where he currently serves as the company’s CFO and EVP of 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 EVP and CFO at United Airlines and spent a combined 18 years between United and Continental Airlines.
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,” Rainey said. “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.”
The company previously announced that Brett Biggs, who currently serves as CFO, would be leaving to begin a new chapter of opportunities in both the for-profit and non-profit 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 Jan. 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.
Each week, 230 million customers and members visit more than 10,500 stores and clubs under 46 banners in 24 countries and e-commerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide.
For more information, visit corporate.walmart.com.
