United CFO Leaves for PayPal

CHICAGO (Chicago Tribune/TNS) -

The chief financial officer of Chicago-based United Continental Holdings, parent of United Airlines, has resigned, the carrier announced Tuesday.

John Rainey will become chief financial officer at online payment company PayPal Holdings, based in San Jose, Calif. He had been CFO at United since April 2012.

The resignation of United’s top financial executive comes despite the carrier enjoying its most profitable era ever, thanks to full planes and relatively low fuel prices.

United Airlines said Gerry Laderman, who has held legal and financial positions at the company for 27 years, has been named acting chief financial officer, responsible for the overall financial operations of the airline.

“Gerry’s financial leadership and deep experience in airline finance are well known on Wall Street, and his significant role in developing and executing United’s strategic and financial plans has proved invaluable over the years,” United CEO Jeff Smisek said.

The CFO at United is responsible for corporate finance, treasury, financial planning and analysis, tax, accounting, investor relations, fleet, procurement, internal audit and risk management.

Laderman most recently has been senior vice president of finance, procurement and treasurer.

United said it will consider internal and external candidates before naming a permanent chief financial officer.

Meanwhile, Rainey will take a top position at PayPal.

“John is a truly exceptional fit for PayPal,” Dan Schulman, CEO of PayPal, said in a blog post Tuesday. “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.”

Schulman wrote that Rainey will start on Aug. 24.