PayPal Exec John Rainey Named Next Walmart CFO

Walmart CFO John Rainey

Walmart Inc. of Bentonville on Tuesday announced that PayPal executive John Rainey is joining the retail giant as its next CFO and executive vice president.

Rainey held the CFO title at PayPal and also led its global customer operations team. Walmart President & CEO Doug McMillon said Rainey has a record of “leading change at scale in customer service organizations innovating in their fields.”

“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,” McMillon said in a news release.

Rainey succeeds Brett Biggs, who is stepping down June 6 to pursue other opportunities after more than six years in the role. Biggs will support the transition to Rainey in the coming months, then switch to an advisory position until he officially leaves the company Jan. 31. Walmart said that during the transition, he’ll continue representing the company as a board member on its fintech startup joint venture with Ribbit Capital.

Rainey joined PayPal in 2015. Before then, he was executive vice president and CFO at United Airlines. He began his career at Ernst & Young LLP.

“I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” Rainey said. “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.”

Rainey will receive a $1 million base salary and be eligible for a $5 million signing bonus after his first six months of employment, according to a Form 8-K that Walmart filed with the SEC. For fiscal 2023, he’ll also receive performance-based restricted stock with a target value of $7.5 million and restricted stock valued at $1.5 million vesting over a three-year period.

Rainey will also receive an initial sign-on grant of restricted stock valued at $15 million, with half that amount vesting one year from the grant date and the other half vesting two years from the grant date, on the condition of continued employment.

Rainey serves on Nasdaq’s board of directors, where he is a member of the audit committee and chair of the finance committee. He also serves on the advisory board for Baylor University’s Hankamer School of Business.