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British-American executive Ruth Porat, who currently serves as the Chief Financial Officer at Google's parent company, Alphabet, has been promoted to take on a new role as president and chief investment officer. The news was announced via a press release on July 25 highlighting the company's Second Quarter 2023 Results.
Since joining the firm in 2015, Porat has served as chief financial officer for Alphabet and its subsidiary Google. She has been the company's CFO for the longest period. In the press release, she said:
“I’m excited about this new role and the opportunity to engage with leaders globally to unlock economic growth via technology and investment. I’m committed to Google’s continued growth and ensuring that our diverse global investments are supported with strong partnership to create opportunities for people and communities, everywhere.”
Porat will be in charge of Alphabet's "Other Bets" investments. She will work more closely with lawmakers and regulators as part of her new job as Alphabet and Google's president and chief financial officer.
The new job will start on September 1, 2023, while the company will look for a new Chief Financial Officer (CFO) for Google and Alphabet. Porat will still report to Sundar Pichai, the company's CEO.
Ruth Porat's net worth explored
According to the Forbes profile of Ruth Porat, the 66-year-old's estimated net worth at the time of writing this article is $310 million. She is a native of Sale, United Kingdom, and earned her Bachelor of Arts/Science degree from Stanford University.
Ruth Porat also holds a Master of Science degree from the London School of Economics and a Master of Business Administration degree from the University of Pennsylvania, The Wharton School.
While speaking to CNBC's Deirdre Bosa on July 25, Ruth Porat said her new role will have both internal and external responsibilities. Moreover, the position will entail a focus on investments in general. Infrastructure, real estate, data centers, and initiatives to develop in India will all be part of that. Porat will work with decision-makers to acknowledge the value of technology.
When asked why she is switching her role now, Porat said it was because she had been a CFO for 14 years and was ready for a new set of tasks. Porat was a manager at the investment banking company Morgan Stanley before she joined Google.
While speaking about Ruth Porat's new job at the post-earnings call with investors, CEO Pichai said:
"As our longest-serving CFO, she has helped guide the company through an amazing period of growth, a global pandemic, and the ongoing economic uncertainty that has followed. It's business as usual for now and no change in approach for the future."
In its earnings report, the company said that sales for the quarter were $74.6 billion, which was more than expected.
Google also revealed Waze layoffs during the quarter, and a rumor suggested that the company may have discontinued working on its AR glasses.
