Ruth Porat (Photo : Reuters)
Ruth Porat is Google Inc.'s newest Chief Financial Officer starting this May. The tech giant has agreed to pay over $70 million as she takes the post. She is the highest paid CFO in the tech industry as of today.
Porat is currently the CFO at Morgan Stanley. She will be replacing Patrick Pichette who will be stepping down this month. She leaves Morgan Stanley in April and takes her new office at Googles on May.
According to Bloomberg, the highest paid CFO will be getting a $5 million one-time signing bonus plus a $25 million stock grant for the present year which will run through 2017. Google confirmed in a regulatory filing on Thursday.
Porat will also be getting a $40 million biennial stock grant by 2016 which will vest till 2019. On top of that, she will be receiving a base salary of $650,000 per year.
The Mountain View, California-based technology company disclosed that they are under a huge pressure with regard to cutting down costs while investing on new ventures to be able to compete with Facebook and Apple Inc. The company looks to Porat to revitalize the company's fiscal control. Being one of the financial industry's most senior female financial executives in the country, Google is confident.
"We're tremendously fortunate to have found such a creative, experienced and operationally strong executive," Larry Page, Google's Chief Executive Officer, explained on Tuesday when Porat's appointment was announced, Yahoo! Finance reported.
Porat owned around 920,000 of Morgan Stanley shares which is about $32.7 million in worth, based to a regulatory filing earlier this month. Around $5.9 million of those were classified shares that are subject to cancellation. She still has a choice to purchase 200,000 more additional shares if she chooses to, according to a 2014 filing.
