Walmart names new CFO

Walmart has named its incoming CFO who will lead the retailer's finances as of June 6.
Zachary Russell
Associate Editor
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John Rainey
John Rainey

Walmart Inc. has named its new EVP and CFO. John Rainey will assume the responsibilities of CFO on June 6.

First covered by Store Brands' sister publication Progressive Grocer, Rainey will join Walmart from PayPal where he is currently CFO and EVP, global customer operations. In this role, he’s responsible for all of PayPal’s financial operations.

He also heads the company’s global customer operations team, guiding its efforts to deliver superior service experiences at its customer operations centers worldwide. Before PayPal, Rainey was EVP and CFO at United Airlines, and spent a combined 18 years between United and Continental Airlines. He began his professional career at Ernst & Young LLP.

“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” said Walmart President and CEO Doug McMillon. “I’m confident that John’s mix of financial and digital acumen, coupled with his experience leading finance in complex, highly competitive industries, will help us deliver for our customers and shareholders as we continue to transform our company.”

Walmart previously revealed that Brett Biggs, its current CFO, would be leaving to pursue opportunities in both the for-profit and nonprofit sectors. Biggs will aid the transition over the coming months, remaining as CFO until June 6, and then serving an advisor until he leaves the company on Jan. 31, 2023. During the transition, Rainey will also continue to represent the company as a board member on Walmart’s fintech startup joint venture with Ribbit Capital.

“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” said Rainey. “I’ve closely watched Walmart’s transition to an omnichannel company, and I can’t wait to join the management team and our 2.3 million associates to continue to help people around the world save money and live better.”

Bentonville, Ark.-based Walmart operates more than 10,500 stores under 48 banners in 24 countries, and eCommerce websites, employing 2.3 million-plus associates worldwide.