Walmart taps PayPal’s finance chief John Rainey as CFO

Walmart’s symbol is observed exterior one of its retailers 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 monetary officer (CFO), the world’s most significant retailer explained on Tuesday.

Rainey will choose over as CFO effective June 6, changing Brett Biggs, Walmart’s finance main given that 2015, who introduced his exit late past yr. study much more

Rainey, who declared his departure from PayPal on Tuesday following just about seven many years with the payments firm, joins Walmart at a time when retailers throughout the board are dashing to beef up their e-commerce enterprises pursuing the pandemic-led shift to on the net procuring.

Walmart in 2018 purchased a greater part stake in Indian online market Flipkart in a $16 billion offer, its most significant abroad investment, and strengthened its U.S. e-commerce small business by getting attire merchants Modcloth and Bonobos.

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

PayPal explained it has appointed senior govt Gabrielle Rabinovitch as interim CFO and introduced a official research for Rainey’s replacement.

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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