John Rainey will be Walmart’s next chief financial officer. He follows Brett Biggs who announced his retirement last year capping a 23-year career with the retail giant. Rainey will join Walmart on June 6, and Biggs will remain in a transition role until Jan. 31, 2023.
“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” Walmart CEO Doug McMillon said in Tuesday’s (April 12) statement. “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.”
Rainey’s initial base pay is set at $1 million, and a $5 million signing bonus will be paid over six months. He also is receiving a restricted stock package valued at $24 million.
Rainey, 51, joins Walmart from PayPal where he is the company’s CFO and executive vice president for global customer operations. In this role, Rainey is responsible for all of PayPal’s financial operations. He also leads the company’s global customer operations, guiding PayPal’s efforts to deliver service experiences through its customer operations centers around the world.
Prior to PayPal, Rainey was the CFO at United Airlines, where he spent a combined 18 years between United and Continental Airlines. He began his professional career at accounting giant Ernst & Young LLP.
Rainey is also 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.
“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.”
Walmart announced in January that Biggs would leave to work in for-profit and nonprofit sectors. As part of the transition, he will also continue representing the company as a board member on Walmart’s FinTech startup joint venture with Ribbit Capital.