Google shares were higher Tuesday after the company announced former Morgan Stanley CFO Ruth Porat will take over its top finance spot.
“We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive,” said Larry Page in a statement. “I look forward to learning from Ruth as we continue to innovate in our core — from search and ads, to Android, Chrome and YouTube — as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO.”
Porat, who was formerly the co-head of technology investment banking at Morgan Stanley, among several other roles, is making a return of sorts to Silicon Valley. She received her undergraduate degree from Stanford University, is currently a member of Stanford’s board, and was the lead banker for several major technology financing rounds, including ones for Amazon, eBay, Netscape, Priceline.com.
“I’m delighted to be returning to my California roots and joining Google,” Porat said in a statement. “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.”
Porat, who takes over for former CFO Patrick Pichette, will start at Google as CFO on May 26 and report directly to Page. In a widely shared note on Google Plus, Pichette said he was leaving Google after 7 years as the company’s CFO to travel and spend more time with his family.