United Airlines has lost Chief Financial Officer John Rainey. The company’s CFO joined United three years ago, a time when United paid down its highest-interest debt and tripled its profit to $1.19 billion last quarter.
Paypal Holdings Inc. and United Continental Holdings Inc. verified the move on Tuesday.
Replacing John Rainey at United is Treasurer Gerry Laderman. He will service as an interim CFO as internal and external candidates are considered before naming a permanent replacement.
Rainey succeeds Patrick Dupuis at PayPal, who will remain at the digital payments company in the new role of senior vice president of simplicity, quality and productivity.
“I can’t imagine a more exciting time to join PayPal,” Rainey said in a news release. “PayPal is leading the transformation of money and the digitization of payments.”
Paypal president and CEO Dan Schulman added, “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.”
The move follows PayPal’s promise to work as a more nimble financial payments platform following the eBay split. The company will need to responsibly manage its spending in order to compete against a growing field of payment options from Square and various other payment platforms both online and throughout various retail locations.