Google turns to Wall Street for new finance chief

by Unknown 09:02 0 comments technology

 hour ago

Google selects as its new chief financial officer Ruth Porat, who will replace Patrick Pichette

Google on Tuesday named as its new chief financial officer Ruth Porat, a Morgan Stanley banker considered one of the most powerful women on Wall Street.

Porat will start at Google on May 26, moving from a similar position at the investment banking giant Morgan Stanley.

She will replace Patrick Pichette, who announced his retirement this month after nearly seven years as one of the Internet titan's top executives.

Her work to help rescue the insurance giant AIG during the 2008 financial crisis earned her the "most powerful" moniker in several media reports.

During that crisis, she led the Morgan Stanley teams advising the US Treasury on mortgage finance giants Fannie Mae and Freddie Mac as well as AIG.

Porat has been at Morgan Stanley since 1987 and has been vice chairman of investment banking, global head of the financial institutions group and co-chief of technology investment banking.

She has been the lead banker for big tech firm financing, including for Amazon, eBay, Netscape, Priceline and VeriSign.

Porat, who will start the new job May 26, has a bachelor's degree from Stanford University, an MBA from the Wharton School of the University of Pennsylvania and another master's degree from the London School of Economics.

"We're tremendously fortunate to have found such a creative, experienced and operationally strong executive," said Google chief executive 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."

Two weeks ago, Canada-born Pichette laid out his reasons for retiring in a heartfelt post at Google+ social network, explaining in touching detail how after more than 25 years of non-stop work he is shifting gears to explore the world with his wife, Tamar.

Porat, who grew up in Silicon Valley, said she was "delighted to be returning to my California roots and joining Google."

"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," she added. "I can't wait to roll up my sleeves and get started."