Walmart hires PayPal executive as its chief financial officer

Walmart said Tuesday it has hired PayPal executive John Rainey to become its new chief financial officer.

Rainey currently holds the same post at the financial technology company and will step in as CFO at Walmart on June 6. He will take the reins from longtime CFO Brett Biggs, who announced in November that he would step down.

Walmart CEO Doug McMillon said in a news release that Rainey “has a proven track 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.

Rainey is joining Walmart as the big-box retailer chases new streams of revenue. Among them, the company wants to grow its third-party marketplace and ramp up its advertising business.

Walmart has also invested in new areas. It created and backed a fintech start-up that’s led by former Goldman Sachs bankers. Biggs, Walmart’s outgoing CFO, sits on the start-up’s board.

Biggs will step down from his role at Walmart in early June, but stay on as an advisor through Jan. 31 to support the CFO transition.

Prior to joining PayPal, Rainey was CFO at United Airlines. He began his career at Ernst & Young.