Google has named Ruth Porat as its new chief financial officer to succeed Patrick Pichett. She moves from a similar position at Morgan Stanley. Porat will report to Google CEO Larry Page.
Google: Porat to replace Pichette
As reported by ValueWalk earlier this month, the search engine giant disclosed in its regulatory filing with the Securities and Exchange Commission that Patrick Pichette would be retiring from his position as CFO. The search engine giant indicated in its filing that the outgoing executive would assist in its search for a new CFO and that the transition would occur over the next six months.
Pichette joined Google in 2008. His retirement came after a report last month that Google’s senior vice president of knowledge, Alan Eustace, decided to leave the search engine giant after 13 years of service.
However, Google has made fairly quick work of its search for a replacement for Pichette. In a statement today, Google said Ruth Porat will be taking up the role on May 26. Porat has served in a number of roles at Morgan Stanley over the past three decades, including vice chairman of investment banking, global head of the financial institutions group, and co-head of technology investment banking. She has been the lead banker for big tech firm financing, including for Amazon, eBay, Netscape, Priceline and VeriSign.
Porat has served as CFO and executive VP of the investment bank since January 2010 and has been considered “the most senior woman on Wall Street.”
Porat’s move echoes latest trend
Ruth Porat’s exit is a surprise but is the latest in a number of bankers swapping Wall Street for California’s technology companies.
Last year, Twitter Inc. hired Anthony Noto, a former executive at Goldman Sachs, to serve as chief financial officer. He previously served as managing director of the media and telecom investment banking group at Goldman Sachs.
Welcoming Porat’s appointment, Larry Page said: “We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive.”
Exuding confidence on taking up her new role, Ruth Porat said: “Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford’s Board, I’ve had the opportunity to experience first-hand how tech companies can help people in their daily lives. I can’t wait to roll up my sleeves and get started.”