Ruth Porat, once the ‘Most Powerful Woman on Wall Street’ has been appointed by Google to take on the role of their Chief Financial Officer starting May 26th. Ms Porat, who is currently the Chief Financial Officer at Morgan Stanley, will replace Patrick Pichette, who unexpectedly announced he was leaving the search engine giant earlier this month.
Ms Porat has faced several attempts to lure her from her position on Wall Street over the last few years. In 2013, President Obama himself tried to lure her to Washington, where she was promised the role of Deputy Treasury Secretary – but Ms Porat elected to remain at Morgan Stanley rather than face the long and arduous vetting process associated with such high-level government roles. She had previously racked up 28 years of service at the investment bank, and mainly spent her time helping Amazon, eBay and Netscape through the so-called ‘dotcom boom’.
It’s estimated that the deal to bring Ms Porat to Google is an incredibly lucrative one. Sources report she will receive a $5m cash signing-on bonus, as well as $25m worth of shares in Google – not to be sniffed at. Her base salary will total around $650,000 per year.
Born in the UK but with much of her life spent in California, Ms Porat is said to be thrilled to be returning to what she considers her ‘roots’. Much of her childhood was spent in Silicon Valley, and Ms Poray is thrilled to be able to have a further influence on how tech companies shape everyday lives.