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Alphabet Inc., the parent company of Google LLC and Waymo software company, announced that its chief financial officer, Ruth Porat, is leaving. Then again, this is a good announcement, as the reason for vacating her post is promotion.
Alphabet said it promoted Porat, and as she steps down from her CFO role, she will take on the new job as the company’s president and chief investment officer. The company revealed this latest leadership change on Tuesday, July 25.
She was the CFO of Google since 2015 and was part of the team when Alphabet transitioned into its present business operations structure. While the company is still looking for an executive to replace her, she will continue to serve in her current post and still report to the company’s chief executive officer, Sundar Pichai.
As per CNBC, once Porat officially starts her duty as Alphabet’s president and CIO, her work will include external and internal responsibilities. Her new role also asked her to focus on investments across the company units, such as real estate, infrastructure, data centers, and expansion to India.
The new Alphabet president and CIO worked for Morgan Stanley before joining Google over a decade ago. She is also expected to supervise how the company invests its money.
“Ruth has worked to drive financial discipline and returns for shareholders while spearheading investment to create sustainable, long-term value. As today’s results show, we’re making good progress and we’re committed to continuing this important work,” Alphabet’s CEO Sundar Pichai said in a press release for Alphabet’s Q2 2023 Results. “In her new role, Ruth will strengthen our collaboration with policymakers and shape our corporate investments to have a maximum economic impact for people and economies around the world.”
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