Walmart poaches PayPal's CFO to further capture e-commerce market

According to the latest news from Walmart, PayPal Chief Financial Officer John Rainey will join Walmart as Chief Financial Officer on June 6. In addition to his job as Chief Financial Officer, Rainey also serves as Executive Vice President of Global Customer Operations for PayPal.

As the largest retailer in the United States, Walmart's retail sales far exceed Amazon's, and it dominates the physical retail industry. Now, Walmart is targeting the e-commerce field. In the past few years, it has been chasing Amazon's dominance through third-party platforms, Walmart+ and other initiatives.

Still, Walmart's online sales growth slowed in the fourth quarter, rising just 1%. Hiring Rainey from PayPal appears to be Walmart's latest move into e-commerce.

“I am confident that Rainey’s financial and digital acumen, combined with his experience leading finance in complex, highly competitive industries, will help us as we continue to transform the level of service we provide to our customers and shareholders,” Walmart CEO Doug McMillon said in a statement.

While Walmart’s move to hire an executive from outside the company was surprising, it was probably the best way to find someone with such deep knowledge and experience in the e-commerce market.

Editor ✎ Xiao Zhu/

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