Walmart names John Rainey new chief financial officer

Little Rock, Arkansas – Following Brett Biggs who announced his retirement last year capping a 23-year career with the retail giant, John Rainey will be Walmart’s next chief financial officer.

In June, Rainey will join Walmart, 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 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.

A 51-year-old, Rainey, 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.

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.