PayPal Holdings, Inc. (Nasdaq: PYPL) has appointed John D. Rainey as its newest Chief Financial Officer (CFO), according to a PayPal statement.
In his new role as PayPal’s CFO, Mr. Rainey will help lead PayPal’s financial operations, regional finance teams, and investor relations. He will be reporting directly to Dan Schulman, President and CEO of PayPal. Moreover, his move will help shore up a void at the payments specialist, with Mr. Rainey succeeding Patrick Dupuis, who has served as PayPal’s CFO for the past five years. Mr. Rainey’s appointment will be effective August 24, 2015.
Despite the new appointment, Mr. Dupuis will remain at PayPal and will continue to report to Schulman in the company’s newly created role of Senior Vice President (SVP), Simplicity, Quality and Productivity.
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Mr. Rainey joins PayPal from United Continental Holdings, Inc. having served as its Executive Vice President and CFO at United Airlines. Moreover, he has garnered an extensive background in corporate finance, treasury, financial planning and analysis, tax, investor relations over the course of his career.
According to Mr. Schulman in a recent statement on the appointment, “I couldn’t be more thrilled to welcome John to PayPal where he will undoubtedly make an immediate impact as we begin operating as an independent and publicly traded company. I am particularly impressed with John’s ability to lead a financial function in a complex, industry-leading business, while maintaining an unrelenting focus on serving and advocating for his company’s customers. I believe that John and the entire PayPal team have an inspiring chance to provide financial freedom, flexibility and opportunity to millions of people worldwide.”
“I can’t imagine a more exciting time to join PayPal. PayPal is leading the transformation of money and the digitization of payments. Dan and his executive team recognize and appreciate that they’re making history, and I’m delighted to be a part of it,” added Mr. Rainey in an accompanying statement.