Ruth Porat, the current chief financial officer of Alphabet, will be transitioning to a new role as president and chief investment officer, according to an announcement made by the company on Tuesday.
Porat became CFO of Google in 2015 and played a crucial role in the establishment of Alphabet as the company’s parent organization.
She will continue to serve as CFO until a successor is appointed and will report directly to CEO Sundar Pichai.
In an interview with CNBC’s Deirdre Bosa, Ruth Porat stated that her new position as President and CIO will involve both internal and external responsibilities.
Furthermore, Porat mentioned that her responsibilities will also include overseeing investments in various areas such as infrastructure, real estate, data centers, and expansion efforts in the India region. She will also engage with policy makers to advocate for the significance of technology.
When asked about the timing of her transition, Porat explained that after serving as CFO for 14 years, she felt it was time to tackle new challenges. Prior to joining Google, Porat held an executive position at Morgan Stanley.
In her new role, Porat will be responsible for managing Alphabet’s “other bets,” which encompass projects not primarily focused on software or advertising, including the self-driving car company Waymo. Additionally, she will oversee the allocation of Alphabet’s cash investments.
“As our longest serving CFO, she has effectively guided the company through a remarkable period of growth, navigating a global pandemic, and the ongoing economic uncertainty,” commented Sundar Pichai, CEO of Alphabet, during the post-earnings call with investors. “For now, it’s business as usual, and our future approach remains unchanged,” he added.
Google released its second-quarter earnings report on Tuesday, surpassing analysts’ expectations for both earnings and revenue. This positive news resulted in a more than 5% increase in share value during after-hours trading.
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