He will work across PMC’s portfolio of award-winning brands, which also includes Rolling Stone, Variety, Robb Report, SHE Media, ARTnews and WWD. He will be based in the company’s LA office, reporting to PMC Chairman and CEO Jay Penske.
“We are very fortunate to have found someone of Paul Rainey’s caliber and experience to lead a core group of the Penske Media brands,” Penske said. “Paul’s wide breadth of expertise in finance and operations will continue to help us thoughtfully scale our businesses for the long term.”
An accomplished executive with more than 20 years of financial leadership experience in several business sectors, Rainey will play a senior leadership role in decision-making. He will provide strategic financial input to senior PMC management across corporate as well as across various lines of business. That scope includes the development and implementation of operational and financial procedures to improve and maintain the financial health of PMC and its leading media brands. He will also guide acquisitions and investments.
“I am eager to step into this exciting role at such a vibrant company with incredible growth potential on the horizon,” Rainey said. “I look forward to working with Jay and PMC’s leadership to ensure operational excellence and continued growth across each of the properties under my leadership.”
Rainey’s experience includes regulatory compliance, capital markets, financial planning and analysis, communication, business growth and all aspects of mergers and acquisitions. He previously served as EVP and CFO of Global Eagle, an entertainment and satellite communications company formed by former MGM CEO Harry Sloan and former CBS and Sony exec Jeff Sagansky. Under Rainey’s leadership, Global Eagle secured a $150 million private equity investment.
Prior to Global Eagle, Rainey was CFO of Harris CapRock Communications, where he led the successful sale of the company’s satellite, terrestrial and broadband communications unit for $425 million. He also held several financial leadership roles in a 15-year run at General Electric, including a stint as CFO of GE Lighting Professional Solutions and its power equipment business.
Rainey is Black Belt Six Sigma certified and holds a Master of Science in Accountancy and a BBA in Finance and Computer Applications from the University of Notre Dame, where he graduated cum laude. He also played on the school’s Division I basketball team as a walk-on after receiving an academic scholarship, going on to become team captain in his senior year.