John Rainey Announces Departure from PayPal

Nasdaq-listed financial services provider, PayPal recently confirmed that John Rainey, PayPal’s current Chief Financial Officer, is leaving the company after nearly seven years. Rainey is now joining Walmart as CFO.

Rainey will remain at PayPal until May this year to facilitate a smooth transition. According to the financial services firm, Gabrielle Rabinovitch will join PayPal as interim Chief Financial Officer upon the departure of Rainey.

Additionally, PayPal noted that the company’s Board has already approved the appointment of Rabinovitch as interim CFO. Moreover, the Board has launched a formal search process to find a permanent replacement for Rainey.

"On behalf of everyone at PayPal, I'd like to express my gratitude to John for his outstanding leadership, selfless partnership and financial stewardship. John has been an instrumental contributor to PayPal's growth by helping lay the solid foundation that supports the company's innovation, global presence and financial strength," said Dan Schulman, the President and CEO at PayPal.

Rainey has extensive experience in the corporate sector of the US. Prior to joining PayPal, he worked with Continental Airlines and United Airlines.

Growth

During his time at the company, Rainey worked closely with PayPal’s leadership team. Moreover, he has highlighted PayPal’s rapid growth in the past few years and the company's transformation in the digital era.

“Leaving PayPal is not easy. I joined PayPal because I deeply connect with the team’s vision of becoming a global leader in digital payments. Our tremendous progress towards that goal is inspiring and will always be a source of great pride. During my time at PayPal, we’ve grown from a company that many doubted could succeed as its own, independent company, to a company that now processes more than a trillion dollars in payment volume annually,” Rainey mentioned in a LinkedIn post.

“At the same time, I am incredibly excited about my next chapter with the largest company in the world. I feel fortunate to join the Walmart team,” he added.