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Morgan Stanley CFO Ruth Porat leaves firm for Google

“We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive.”

Ruth Porat: This 2012 photo provided by Morgan Stanley shows outgoing Chief Financial Officer Ruth Porat. Morgan Stanley on Tuesday,   March 24,   2015 announced that Porat is leaving the New York investment bank for the same job at Google. (AP Photo/Camera 1 via Morgan Stanley,   Larry Lettera)

 

Google has poached Ruth Porat from Morgan Stanley. The company’s new chief financial officer had served in that role with Morgan Stanley since 2010.

Once considered as a possible successor to former Federal Reserve Chairman Ben Bernake, Porat will join Google as CFO on May 26, reporting to Google CEO and Co-Founder, Larry Page.

“We’re tremendously fortunate to have found such a creative, experienced and operationally strong executive, ” said Larry Page. “I look forward to learning from Ruth as we continue to innovate in our core–from search and ads, to Android, Chrome and YouTube–as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO”.

“I’m delighted to be returning to my California roots and joining Google, ” said Ruth Porat. “Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford’s Board, I’ve had the opportunity to experience first hand how tech companies can help people in their daily lives. I can’t wait to roll up my sleeves and get started.”

Ruth Porat joined Morgan Stanley in 1987 and has played several key roles at the company, including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking. Throughout the financial crisis, Ruth led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on AIG. She has been the lead banker on numerous milestone technology financing rounds, including for Amazon, eBay, Netscape, Priceline and Verisign as well as for The Blackstone Group, GE and the NYSE. As CFO she helped improve resource optimization across different businesses through better capital and funding allocation, as well as expense reductions.

She has a B.A. from Stanford University (Economics & International Relations), a M.B.A. with distinction from The Wharton School of the University of Pennsylvania and a M.Sc., from the London School of Economics (Industrial Relations).

She is Vice Chair of the Stanford University Board of Trustees, a member of the U.S. Treasury’s Borrowing Advisory Committee, a Board Director at The Council on Foreign Relations and a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution.

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