PayPal’s top finance executive, John Rainey, has decided to leave the company after almost seven years to become Walmart’s CFO.
PayPal’s top finance executive, John Rainey, has decided to leave the company after almost seven years to become Walmart’s CFO.
Rainey’s jump to Walmart won’t take place until late May, according to PayPal. The payment technology giant’s SVP of Corporate Finance and Investor Relations, Gabrielle Rabinovitch, will step up as interim CFO when he departs.
Speaking about his time at PayPal, Rainey said, “It has been an honor to work with Dan and the PayPal leadership team and so many exceptionally talented individuals as we grew and transformed the company into a true leader in the digital era. I am leaving knowing PayPal is well positioned for the future.”
Before PayPal, Rainey spent 18 years between United and Continental Airlines, culminating in a stint as United Airlines’ CFO.
Rainey leaves the eBay-owned company after a year of revenue growth, as in 2021, the company posted net revenues of $25.4 billion, up 17% from 2020. However, in the first quarter of 2021, the company posted financial guidance that fell below analyst expectations.
In an interview with CNBC, PayPal CEO Dan Schulman said the company took a “measured approach” to the quarter’s guidance due to the downwards pressure that inflation has placed on consumer spending and the negative impact that supply chain issues have had on cross-border payments. However, Schulman said he expects the company’s revenue to pick up in the later half of the year.
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