Walmart Names New CFO

Bentonville, Ark.-based Walmart announced that John Rainey, currently CFO and EVP of global customer operations for PayPal, will join the retailer as EVP and CFO on June 6. 

The announcement of current Walmart CFO Brett Biggs' successor has been awaited for several months; Walmart said in November that Biggs, a 22-year veteran of the company, would be moving out of the CFO role this year. Biggs is staying on to support the transition, and his last day with the company will be Jan. 31, 2023, Walmart said.

In an SEC filing, Walmart noted that Rainey's appointment was made April 7. He signs on at an annual base salary of $1 million, per the filing, with a sign-on bonus of $5 million to be paid after six months of employment at the company.

"John has a proven track record of leading change at scale in customer service organizations innovating in their fields," Walmart President and CEO Doug McMillon said in a 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," McMillon added.

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Before joining PayPal, Rainey was EVP and CFO of United Airlines. He began his professional career at Ernst & Young and serves on Nasdaq's board of directors, Walmart noted. 

"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 said.