PayPal Appoints New Chief Financial Officer
Seasoned Financial Executive John D. Rainey Joins PayPal
SAN JOSE, Calif.--(BUSINESS WIRE)--
PayPal Holdings, Inc. (Nasdaq: PYPL) today announced John D. Rainey is
joining the digital payments leader as its new Chief Financial Officer
(CFO), effective August 24, 2015. Rainey joins PayPal from United
Continental Holdings, Inc. where he was Executive Vice President and CFO
at United Airlines. Rainey brings with him an extensive background in
corporate finance, treasury, financial planning and analysis, tax,
investor relations, strategic planning and risk management along with a
deep appreciation for PayPal and its unique position driving the global
transformation of money.
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PayPal Holdings, Inc. today announced John D. Rainey is joining the digital payments leader as its new Chief Financial Officer, effective August 24, 2015. (Photo: Business Wire)
"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," said Dan Schulman, president
and CEO of PayPal. "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," Rainey said.
"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."
Rainey will lead PayPal's financial operations, regional finance teams
and investor relations. He will report directly to Schulman. He will
succeed Patrick Dupuis, who has served as PayPal's CFO for five years.
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.
"Patrick's commitment to PayPal has been vital to everything this
company has achieved during the time he served as CFO," said Schulman.
"I am grateful for all he has done to ensure that PayPal's transition to
an independent company was smooth and successful. In his new role,
Patrick will help us tackle the many opportunities to improve our
efficiency and performance."
Rainey has more than 20 years of financial management experience. At
United Airlines Rainey was responsible for the company's overall
financial strategy including cost management, capital allocation and
balance sheet optimization. As CFO, Rainey oversaw corporate finance,
treasury, financial planning and analysis, tax, accounting, investor
relations, fleet, procurement, internal audit and risk management and
was responsible for United's corporate strategy function.
Prior to being CFO at United Airlines, Rainey held various positions of
increasing responsibility in finance at United Airlines and Continental
Airlines. Before joining Continental, Rainey worked at Ernst & Young LLP
in Houston for two years. He received both his bachelor's degree in
business administration and his master's degree in business
administration from Baylor University. Rainey is a Certified Public
Accountant and serves on the national board of trustees for the March of
Dimes, where he was named the 2015 national chair of the March for
At PayPal (Nasdaq: PYPL), we put people at the center of everything we
do. Founded in 1998, we continue to be at the forefront of the digital
payments revolution, last year we processed 4 billion payments, of which
1 billion were made on mobile devices. PayPal gives people better ways
to connect to their money and to each other, helping them safely access
and move their money and offering a choice of how they would like to pay
or be paid. With our 169 million active customer accounts, we have
created an open and secure payments ecosystem that people and businesses
choose to securely transact with each other online, in stores and on
mobile devices. PayPal is a truly global payments platform that is
available to people in 203 markets, allowing customers to get paid in
more than 100 currencies, withdraw funds to their bank accounts in 57
currencies and hold balances in their PayPal accounts in 26 currencies.
For more information on PayPal, visit about.paypal-corp.com.
For PYPL financial information visit investor.paypal-corp.com.
Forward Looking Statements
This press release contains forward-looking statements relating to,
among other things, the future performance of PayPal Holdings, Inc.
("PayPal") and its subsidiaries that are based on the company's current
expectations, forecasts and assumptions and involve risks and
uncertainties. These statements include, but are not limited to, the
future performance of PayPal and the adoption of its products and
services. Actual results could differ materially from those predicted or
implied and reported results should not be considered as an indication
of future performance. Factors that could cause or contribute to such
differences include, but are not limited to: changes in political,
business and economic conditions, any European, Asian or general
economic downturn or crisis and any conditions that affect ecommerce
growth; fluctuations in foreign currency exchange rates; the company's
need to successfully react to the increasing importance of mobile
payments and mobile commerce and the increasing social aspect of
commerce; the company's ability to deal with the increasingly
competitive ecommerce environment, including competition for its sellers
from other trading sites and other means of selling, and competition for
its buyers from other merchants, online and offline; changes to PayPal's
capital allocation or management of operating cash; PayPal's need to
manage an increasingly large enterprise with a broad range of businesses
of varying degrees of maturity and in many different geographies; the
effect of management changes and business initiatives; PayPal's need and
ability to manage other regulatory, tax and litigation risks as its
services are offered in more jurisdictions and applicable laws become
more restrictive; any changes the company may make to its product
offerings; the competitive, regulatory, payment card association-related
and other risks specific to PayPal and PayPal Credit, especially as
PayPal continues to expand geographically and introduce new products and
as new laws and regulations related to financial services companies come
into effect; the company's ability to timely upgrade and develop its
technology systems, infrastructure and customer service capabilities at
reasonable cost; the company's ability to maintain site stability and
performance on all of its sites while adding new products and features
in a timely fashion; and the company's ability to profitably integrate,
manage and grow businesses that have been acquired or may be acquired in
the future. The forward-looking statements in this release do not
include the potential impact of any acquisitions or divestitures that
may be announced and/or completed after the date hereof.
More information about factors that could affect our operating results
is included under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the information statement attached as Exhibit 99.1 to
PayPal's registration statement on Form 10 and amendments thereto, as
well PayPal's Forms 10Q, copies of which may be obtained by visiting the
PayPal Holdings, Inc. Investor Relations website at http://investor.paypal-corp.com
or the SEC's website at www.sec.gov.
All information in this communication is as of the date hereof. Undue
reliance should not be placed on the forward-looking statements in this
communication, which are based on information available to the company
and PayPal on the date hereof. The company and PayPal assume no
obligation to update such statements, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804005233/en/
Investor Relations Contact:
Director, Investor Relations
Martha Cass, 416-860-6213
Source: PayPal Holdings, Inc.
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