(Bloomberg) PayPal Holdings Inc. Chief Financial Officer John Rainey will leave the payments giant for Walmart on June 6.
Rainey will replace Brett Biggs as Walmart’s finance chief in a new role in which he is expected to help the company build a financial tech venture and membership program.
Walmart CEO Doug McMillon said that Rainey will help the retailer to deliver for its customers and shareholders, given his financial and digital acumen.
Following his exit, Gabrielle Rabinovitch, PayPal’s senior VP for corporate finance and investor relations, will assume the CFO role on an interim basis.
Rainey takes over at Walmart at a time the company is grappling with supply chain headaches, rising inflation, and labor costs.
The exit of Rainey could be a blow to PayPal as he helped refashion it into a financial giant, with the company ending last year with at least 420 million active accounts. PayPal has struggled recently due to a decline in spending on the platform in the post-pandemic era.
RBC Capital Markets analyst Daniel Perlin termed the exit of Rainey as unfortunate, given the critical pivot that PayPal is undergoing. He questioned the management’s failure to reiterate guidance following the “material event.”
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