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Walmart said Tuesday that it has hired PayPal CEO John Rainey to become its new chief financial officer.
Rainey, the chief financial officer of financial technology company, will step into the role on June 6. He will take the reins of longtime CFO Brett Biggs, who announced in November that he was stepping down.
Walmart CEO Doug McMillon said in a news release that Rainey “has a proven track record of leading scale change in customer service organizations innovating in their fields.
“I am confident that John’s mix of financial and digital insights, coupled with his experience leading finance in complex, highly competitive industries, will help us deliver for our clients and shareholders as we continue to transform our business. , “said McMillon.
Rainey joins Walmart as the big-box retailer chases new streams of revenue. Among them, the company wants to grow its third-party brand and raise its advertising business. It has also invested in new areas. It created and supported a fintech startup run by former Goldman Sachs bankers. The startup’s board includes Biggs, Walmart’s outgoing CFO.
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