PayPal Holdings Inc. announced on Tuesday that John Rainey, the company's Chief Financial Officer (CFO) and Executive Vice president of Global Customer Operations, is departing to become the CFO of Walmart Inc.
Rainey will continue to work at the company through late May, and the board of directors has begun a formal search for his replacement.
In the meantime, upon Rainey's departure, the committee decided to appoint Gabrielle Rabinovitch, Senior Vice President of Corporate Finance and Investor Relations, as interim CFO.
Executive Vice President Aaron Karczmer will lead the risk, legal, and customer operations division, which will include the global customer operations team.
All the while, Walmart Inc., the world's largest retailer, announced on the same day that the aforementioned finance head of PayPal Holdings Inc. has been named as its Chief Financial Officer.
Rainey will take the reins as CFO on June 6, succeeding Brett Biggs, who announced his departure late last year after serving as Walmart's finance director since 2015.
Rainey enters Walmart at a period when retailers from across the board are trying to ramp up their e-commerce operations amid the pandemic-driven move to online purchasing.
He announced his resignation from PayPal yesterday after about seven years with the payments provider.
Walmart made its biggest overseas investment in 2018 when it acquired a majority of shares in Indian online platform Flipkart for $16 billion, and it bolstered its U.S. e-commerce operation by buying clothing stores Modcloth and Bonobos.
Rainey has joined Walmart as the major retailer hunts for new revenue streams. Aside from that are plans to extend the company's third-party marketplace and increase its ad revenue.
Rainey has a demonstrated track record of directing transformation at scale in customer service companies pioneering in their industries, according to Walmart CEO Doug McMillon.
Biggs, the retailer's former CFO, is a member of the startup's board of directors and he will remain with Walmart as an adviser until January 2023, according to the firm.
Rainey is tasked with all of PayPal's financial operations in his role as CFO and Executive Vice President of Global Customer Operations at PayPal.
He also oversees PayPal's Global Customer Operations team, which is responsible for managing the company's efforts to provide excellent customer service through its customer service centers worldwide.
Before joining PayPal, he served as Executive Vice President and Chief Financial Officer of United Airlines, one of the world's major airlines, where he worked for 18 years between United and Continental Airlines.
