PayPal’s John Rainey to Replace Brett Biggs as Walmart CFO

Walmart has announced a new executive vice president and CFO in John Rainey, a company blog said Tuesday (April 12).

He plans to take the role on June 6, replacing current CFO Brett Biggs.

Rainey works at PayPal, where he’s CFO and executive vice president of global customer operations.

There, in addition to PayPal’s financial operations he is responsible for delivering customer service at the company’s global operations centers.

“John has a proven track record of leading change at scale in customer service organizations innovating in their fields,” said Walmart President and Chief Executive Officer Doug McMillon. “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 is also on the board for Nasdaq, where he serves on the audit committee and as chair of the finance committee.

Hiring an executive with Rainey’s PayPal experience would address Walmart’s longstanding desire to build its FinTech and banking operations.

“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.”

Biggs’ move was announced in November. Biggs will stay on to support Rainey’s transition, and remain as an associate until he leaves the company Jan. 31.

See also: Nearly Two-Thirds of Consumers Shop in Walmart Stores Each Month, PYMNTS Study Shows

PYMNTS wrote that Walmart still regularly sees huge levels of traffic – a report notes that Walmart has 64% of consumers making a purchase in the past month.

Twenty-eight percent, meanwhile, made a purchase off the retailer’s website, and many customers also made multiple purchases from the retailer in that same period.

This comes from a survey of over 2,100 U.S. consumers in late January and early February.

In recent years, Walmart has been working more on growth in food and beverage, and can likely leverage pricing to drive sales better than any competitors because of its gigantic scale.