Walmart Inc hired PayPal Holdings Inc. Chief Financial Officer John Rainey as its new CFO as the firm seeks to build a fintech app, according to a report by Bloomberg on Tuesday.
Rainey will start his new role on June 6. The former executive of United Airlines, who moved to PayPal in 2015, will replace Brett Biggs, who announced leaving the company by early 2023.
The new CFO will take over as the world’s largest retailer struggles with rising inflation, supply chain problems, and soaring US labor costs.
The company has posted healthy sales increases during the pandemic period, even though its performance is still below its rivals such as Target Corp. and Costco Wholesale Corp.
Rainey is awaiting two significant projects. One is the company’s plan to launch a fintech app, and the other is the expansion of its paid membership scheme.
Rainey will continue working with PayPal until late May, when Gabrielle Rabinovitch, senior vice president for corporate finance and investor relations, will take over as interim CFO.