Google’s new CFO, Ruth Porat, has negotiated a sweet package of over $70 million worth of restricted stock and bonuses, making her one of the highest-paid CFOs in the U.S. The banking veteran is currently Morgan Stanley’s CFO and a former contender for Deputy Treasury Secretary.
Porat to get over $70 million over next two years
As reported by ValueWalk, Google named Porat as its new CFO earlier this week. She is set to start her new job at the internet giant on May 26. 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.”
In its regulatory filing with the SEC, Google revealed that Porat’s annual base salary will be $650,000, plus she will get a special one-time sign-on bonus of $5 million.
Porat is set to receive about $30 million in cash and stock during her first seven months on the job. In 2013, the last year for which data is available, only Oracle’s then-CFO, Safra Catz, received more compensation, at $43.6 million.
Porat will also be getting a $25 million new hire grant and a $40 million biennial grant in 2016. The biennial grant is scheduled to be given in 2016 at the same time as other senior vice president biennial grants and will vest on a pro-rata quarterly basis from 2016 to 2019.
Porat’s pay will dwarf her Wall Street comp
Mountain View, Calif.-based Google Inc. paid its outgoing CFO Patrick Pichette, who announced his retirement earlier this month, $62.2 million for the three years through 2013, more than twice the $29.6 million Porat earned at Morgan Stanley.
Porat’s exit from Morgan Stanley is the latest among a string of Wall Street executives to leave an industry that is increasingly regulated to move into the more free-wheeling technology sector where fortunes can be built fast but businesses can also become irrelevant overnight.
Porat will also make more than most Wall Street CEOs, including her old boss, Morgan Stanley Chief Executive James Gorman, who was paid $18 million in 2013. The investment bank hasn’t reported Gorman’s 2014 compensation yet. Some of the big banks which have reported CEO compensation for 2014 include Citigroup, which said it paid Michael Corbat $14.5 million, while Bank of America said Brian Moynihan made $15.3 million.