PayPal is taking flight as a newly independent company with some help from a former United Airlines executive. John Rainey will join the company as PayPal’s Chief Financial Officer (CFO).
Rainey was CFO for United, managing its overall financial strategy with responsibility for corporate finance, financial planning, investor relations, strategic planning and risk management.
Rainey will lead PayPal’s financial operations, regional finance teams and investor relations and will report directly to Schulman. He will succeed Patrick Dupuis, who has served as PayPal’s CFO for five years.
United is a Fortune 100 company with almost $40 billion of annual revenues, PayPal CEO Dan Schulman noted in his post announcing the appointment. It’s perhaps not surprising Schulman looked for a Fortune 100 executive – he himself came from American Express, also a member of the club.
Schulman said Rainey is an exceptionally good fit for PayPal: “He brings an extraordinary ability to serve as the financial leader of a large and complex organization while remaining sharply focused on the needs of individual customers, and he brings a deep appreciation for PayPal’s unique opportunity to drive the global transformation of money. Most importantly, he holds a deep set of values and has the personal characteristics that we want at the new PayPal.”
Dupuis will remain at PayPal and will continue to report directly to Schulman in the newly created role of Senior Vice President, Simplicity, Quality and Productivity. “In this capacity, Dupuis will lead a corporate-wide transformation initiative designed to drive PayPal’s productivity, service quality and customer experience,” the company said.
PayPal’s move toward blue chip executives is a 180-degree turn – Schulman’s predecessor, David Marcus, was an entrepreneur who left PayPal abruptly to join Facebook.
Schulman said, “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.”
It appears the appointment may do nothing to lessen the pressure companies like PayPal now face to add diversity to the executive suite, however.