Walmart Inc. announced that John Rainey has been named Walmart's next Chief Financial Officer (CFO). Rainey will assume the responsibilities of CFO on June 6, 2022. Rainey joins Walmart from PayPal where he currently serves as the company's CFO and Executive Vice President, Global Customer Operations.

Rainey is also on Nasdaq's board of directors, where he is a member of the audit committee and chair of the finance committee. He also serves on the advisory board for Baylor University's Hankamer School of Business. The company previously announced that Brett Biggs, who currently serves as CFO, would be leaving to begin a new chapter of opportunities in both the for-profit and nonprofit sectors.

Biggs will support the transition to Rainey over the coming months, remaining in the CFO role until June 6, 2022, and then serve as an advisor until he leaves the company on Jan. 31, 2023. As part of the transition, he will also continue representing the company as a board member on Walmart's FinTech startup joint venture with Ribbit Capital.