Alphabet CFO Ruth Porat leaving role to become president
Alphabet CFO Ruth Porat leaving role to become president and chief investment officer
Taking over as president and chief investment officer, Ruth Porat will step down as Alphabet’s chief financial officer.
In 2015, she took over as CFO for Google, overseeing the transition into Alphabet.
As CFO, she will continue to report to Sundar Pichai until Alphabet selects a replacement.
CNBC’s Deirdre Bosa reported Tuesday that the role of President and CIO will include both internal and external duties.
As part of his role, Porat will also focus on investments across the board, according to CNBC’s Bosa. This includes infrastructure, real estate, data centers, and efforts to expand in India. In addition, Porat will work with policy makers to recognize the importance of technology.
She said that it was time for her to take on new challenges after 14 years as a CFO. Porat worked at Morgan Stanley before joining Google.
She will oversee Alphabet’s “other bets,” which the company categorizes as projects not focused on software or advertising, such as Waymo’s self-driving car company. According to Bosa, she will also oversee Alphabet’s cash investments.
“As our longest-serving CFO, she has guided the company through an amazing period of growth, a global pandemic, and the ongoing economic uncertainty that has followed,” said Alphabet CEO Sundar Pichai on Tuesday. It’s business as usual for now, and there will be no changes in the future, he said.
The company reported second-quarter earnings on Tuesday, beating analyst expectations for both earnings and revenue. In extended trading, shares rose over 5%.