PayPal Announces Departure of Chief Financial Officer John Rainey
PayPal Holdings (NASDAQ: PYPL) announced the departure of John Rainey, its CFO, to join Walmart as CFO, effective late May. Gabrielle Rabinovitch, previously Sr. VP of Corporate Finance, will serve as interim CFO. Rainey has contributed significantly to PayPal's growth over nearly seven years, and his leadership has positioned the company well for the future. The Board of Directors is actively searching for a permanent replacement while appreciating Rainey's leadership and impact during his tenure.
- Strong leadership transition with Gabrielle Rabinovitch appointed as interim CFO.
- Rainey's contributions helped establish a solid foundation for PayPal's growth.
- Departure of a key executive may lead to short-term uncertainty in financial leadership.
Gabrielle Rabinovitch will serve as interim Chief Financial Officer upon Rainey's departure
SAN JOSE, Calif., April 12, 2022 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the departure of John Rainey, PayPal's Chief Financial Officer (CFO) and executive vice president, Global Customer Operations. After almost seven years at PayPal, Rainey is leaving the company to join Walmart Inc. as its CFO. To support an orderly transition, Rainey will remain at PayPal until late May.
PayPal's Board of Directors has launched a formal search process to identify Rainey's permanent replacement. PayPal's Board of Directors has approved the appointment of Gabrielle Rabinovitch, senior vice president, Corporate Finance and Investor Relations, as interim CFO effective upon Rainey's departure. The Global Customer Operations team will join the Risk, Legal and Customer Operations organization led by Executive Vice President Aaron Karczmer.
"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, president and CEO, PayPal. "We're not surprised that one of the world's top brands has recognized John and his contributions to building PayPal into one of the most innovative technology and financial services companies in the world. We are thrilled for him and we wish him all the best in his next chapter."
"I am immensely proud of our achievements since I joined PayPal almost seven years ago," said Rainey. "It has been an honor to work with Dan and the PayPal leadership team and so many exceptionally talented individuals as we grew and transformed the company into a true leader in the digital era. I am leaving knowing PayPal is well positioned for the future. Gabrielle Rabinovitch is an extremely well-respected and accomplished colleague, and she has my full confidence to assume the CFO role as the Board conducts its search."
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 425 million consumer and merchant accounts in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Investor Relations Contacts
Gabrielle Rabinovitch
grabinovitch@paypal.com
Ryan Wallace
ryanwallace@paypal.com
Media Relations Contacts
Amanda Miller
amandacmiller@paypal.com
Josh Criscoe
jcriscoe@paypal.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/paypal-announces-departure-of-chief-financial-officer-john-rainey-301524253.html
SOURCE PayPal Holdings, Inc.
FAQ
Who is the new interim CFO of PayPal after John Rainey's departure?
What event led to the appointment of a new CFO at PayPal?
When does John Rainey's departure from PayPal take effect?
What role did John Rainey have at PayPal before leaving?
Why is the departure of PayPal's CFO significant for investors?
