Walmart taps PayPal’s finance chief John Rainey as CFO

Walmart’s emblem is observed outside the house 1 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 money officer (CFO), the world’s major retailer reported on Tuesday.

Rainey will choose around as CFO powerful June 6, changing Brett Biggs, Walmart’s finance main considering that 2015, who introduced his exit late past year. study additional

Rainey, who declared his departure from PayPal on Tuesday immediately after just about seven a long time with the payments firm, joins Walmart at a time when suppliers across the board are speeding to beef up their e-commerce enterprises pursuing the pandemic-led change to on-line searching.

Walmart in 2018 purchased a the greater part stake in Indian online market Flipkart in a $16 billion deal, its most significant overseas expense, and strengthened its U.S. e-commerce small business by getting apparel merchants Modcloth and Bonobos.

Walmart reported Biggs will serve as an adviser right until he leaves the business in January 2023.

PayPal said it has appointed senior govt Gabrielle Rabinovitch as interim CFO and introduced a formal search for Rainey’s substitute.

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

Reporting by Deborah Sophia in Bengaluru
Editing by Vinay Dwivedi

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