Paypal CFO leaving to become new Walmart CFO

Walmart Inc. WMT, -0.69% said late Tuesday it has named John Rainey as its chief financial officer, effective June 6. Rainey joins Walmart from PayPal Holdings Inc. PYPL, -1.42%, which announced his departure as CFO also on Tuesday. Before PayPal, Rainey was the CFO of United Airlines. “I’m excited and humbled to join such an iconic company at a time when the retail industry continues its transformation,” Rainey said in a statement. Walmart previously had announced that CFO Brett Biggs 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 and then serve as an advisor until he leaves the company in January 2023, Walmart said. Shares of Walmart edged higher in the extended session Tuesday after ending the regular trading day down 0.7%.