DALLAS: Walmart Inc has named Paypal Holdings Inc’s finance chief, John Rainey, as its new chief financial officer (CFO).

       Rainey will start work at Walmart on June 6, Walmart said in a statement. He will replace Brett Biggs, who last year announced plans to leave the company by early 2023.

       Rainey comes in as Walmart grapples with soaring inflation, supply-chain headaches and rising United States labour costs.

       The retail giant also is trying to bolster its ambitions in financial services and expand a paid membership programme that is widely seen as an answer to Amazon.com Inc’s Prime.

       “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,” Walmart chief executive officer Doug McMillon said in the statement.

       Rainey will remain with PayPal until late May. At that time, Gabrielle Rabinovitch, who is senior vice-president for corporate finance and investor relations, will take over as interim CFO. — Bloomberg