Walmart taps PayPal’s finance chief John Rainey as CFO

Walmart’s brand is found outside 1 of its outlets in Chicago, Illinois, U.S., November 20, 2018. REUTERS/Kamil Krzaczynski

April 12 (Reuters) – Walmart Inc (WMT.N) has appointed PayPal Holdings Inc’s (PYPL.O) finance head, John Rainey, as chief economical officer (CFO), the world’s major retailer mentioned on Tuesday.

Rainey will acquire over as CFO effective June 6, changing Brett Biggs, Walmart’s finance chief due to the fact 2015, who announced his exit late past calendar year. examine a lot more

Rainey, who announced his departure from PayPal on Tuesday soon after just about 7 many years with the payments business, joins Walmart at a time when retailers across the board are dashing to beef up their e-commerce companies subsequent the pandemic-led shift to on the web purchasing.

Walmart in 2018 acquired a the greater part stake in Indian on the net marketplace Flipkart in a $16 billion offer, its biggest abroad expenditure, and strengthened its U.S. e-commerce small business by acquiring clothing retailers Modcloth and Bonobos.

Walmart stated Biggs will provide as an adviser until he leaves the company in January 2023.

PayPal claimed it has appointed senior executive Gabrielle Rabinovitch as interim CFO and introduced a formal look for for Rainey’s substitution.

Rainey, who is on the board of directors at Nasdaq, also served as CFO at United Airways (UAL.O).

Reporting by Deborah Sophia in Bengaluru
Enhancing by Vinay Dwivedi

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