Walmart hires PayPal executive as its chief financial officer

Walmart said Tuesday that is has hired PayPal executive John Rainey to become its new chief financial officer.

Rainey, the chief financial officer of financial technology company, will step into the role on June 6. He will take the reins from longtime CFO Brett Biggs, who announced in November that he would step down.

Walmart CEO Doug McMillon said in a news release that Rainey “has a proven track record of leading change at scale in customer service organizations innovating in their fields.

“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,” McMillon said.

Rainey is joining Walmart as the big-box retailer chases new streams of revenue. Among them, the company wants to grow its third-party marketplace and ramp up its advertising business. It has also invested in new areas. It created and backed a fintech start-up that’s led by former Goldman Sachs bankers. The start-up’s board includes Biggs, Walmart’s outgoing CFO.

This story is developing. Please check back for updates.