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Ruth Porat (born 1957) is a British-American financial executive, who currently serves as chief financial officer (CFO) of Alphabet Inc. as well as its subsidiary Google.[2][3][4] Porat was CFO and executive vice president of Morgan Stanley from January 2010 to May 2015.[4]

Early life and education

Porat was born to a Jewish family[5] in Sale, Greater Manchester, England,[6] the daughter of Dr. Dan and Frieda Porat.[7][8] She moved at a young age to Cambridge, Massachusetts, where her father was a research fellow in the physics department at Harvard University. Her father later relocated the family to Palo Alto, California three years later where he worked at the SLAC National Accelerator Laboratory for 26 years.[9][10] Porat has a bachelor of arts degree in Economics & International Relations from Stanford University, and holds a master of science degree in industrial relations from London School of Economics and an MBA with distinction from Wharton School of the University of Pennsylvania.[11]

Career

Morgan Stanley

Porat began her career at Morgan Stanley in 1987 and left in 1993 to follow Morgan Stanley President Robert F. Greenhill to Smith Barney in 1993[12] and returned to Morgan Stanley in 1996. Before becoming CFO, she served as Vice Chairman of Investment Banking, from September 2003 to December 2009 and Global Head of the Financial Institutions Group from September 2006 through December 2009. She was previously the co-head of Technology Investment Banking and worked for Morgan Stanley in London.[6] While a banker at Morgan Stanley, she is credited with creating the European debt financing that saved Amazon from collapse during the dot-com melt down in 2000.[13] Her financial partner during the Internet investment banking craze was Mary Meeker, who is the godmother to Porat's three children.[12]

During the financial crisis, Porat led the Morgan Stanley team advising the United States Department of the Treasury regarding Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank with respect to AIG.[14][15] In the 2011 HBO movie "Too Big to Fail," Porat is played by Jennifer van Dyck.[16] In May 2011, she presented to the Bretton Woods Committee hosted by the International Monetary Fund in Washington, D.C. on post-crisis reform and financial legislation, and to the World Economic Forum in Davos, in 2013 on "trust" levels within and of the financial sector.[17][18][19]

In 2013, it was reported that President Barack Obama would nominate Porat as the next Deputy Secretary of the Treasury.[20] However, it was reported later by Bloomberg News and The New York Times that Porat had contacted White House officials to withdraw her name from consideration because of improving conditions at Morgan Stanley and the acrimonious confirmation process inflicted upon then Treasury Secretary-nominee Jack Lew.[21][22]

Porat's career was analyzed in the McKinsey & Company study "How Remarkable Women Lead".[23] She was named "Best Financial Institutions CFO" in a poll conducted by Institutional Investor for its "2014 All-America Executive Team".[24]

Google

On March 24, 2015, it was announced that Porat would join Google as their new CFO as of May 26, 2015.[2] Bloomberg Business reported that her hiring deal amounted to $70 million.[25] She has been credited with boosting Google's share price by reorganizing the company and imposing financial discipline for the first time.[26] For the "2018 All America Executive Team", she was named "Best Internet CFO" by Institutional Investor.[27] Porat spoke at the Fortune Most Powerful Women Summit in Dana Point, California, on Wednesday, Oct. 19, 2016, in her capacity as Chief Financial Officer of Alphabet Inc. and Google.[28] At Google, in addition to Finance, Porat also has Business Operations, "People Ops", Google's Human Resources function, Real Estate and Work Place Services reporting to her[29].

Boardships

She is a vice chair of the Board of Trustees of Stanford University,[30] a member of the Board of Directors of Stanford Management Company[31] the Borrowing Advisory Committee of the United States Treasury,[32] the Board of Directors of The Council on Foreign Relations,[6] the Board of Trustees of the Economic Club of New York,[33] and the Bretton Woods Committee.[34] She is a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution.[35]

Political views

Porat supported Senator Hillary Clinton when she ran for President in 2008, hosting a fundraiser at her apartment in The Dakota in New York City,[36] and did the same in 2016.[37] In 2011, Porat expressed her support for increased taxes on the wealthy and declared on the topic of significant spending decreases that "we cannot cut our way to greatness."[38]

Personal life

Porat has been married to Anthony Paduano, a partner in the law firm of Paduano & Weintraub, since 1983.[7] Porat is a survivor of breast cancer.[39]

In September 2015, Porat reportedly paid $30 million for a house in Palo Alto.[40]

References

  1. ^ Rao, Leena. "One Year In, Ruth Porat Remains Google's Financial Disciplinarian". Fortune. Retrieved 9 September 2017. 
  2. ^ a b McGrath, Maggie (March 24, 2015). "Google Lures CFO Ruth Porat From Morgan Stanley". Forbes. 
  3. ^ Patricia Garcia. "Ruth Porat Is Google's First Female CFO: 10 Other Powerful Women in Tech". Vogue. Retrieved 2015-03-27. 
  4. ^ a b "World's Most Powerful Women: Ruth Porat". Forbes. August 2011. 
  5. ^ Shamah, David (2015-03-02). "New Google CFO Ruth Porat's family a mirror of American Jewry". The Times of Israel. Retrieved 2015-03-27. 
  6. ^ a b c "Ruth Porat". Council on Foreign Relations. 
  7. ^ a b "Ruth Porat Wed To Law Student". The New York Times. December 18, 1983. 
  8. ^ Dr. Frieda Porat's obituary
  9. ^ "A Dossier on Morgan Stanley's New CFO Ruth Porat". The Wall Street Journal. December 8, 2009. 
  10. ^ "The incredible rise of Ruth Porat, CFO at one of the most valuable companies in the world". Business Insider. Retrieved 2017-12-13. 
  11. ^ "Ruth Porat to Join Google as Chief Financial Officer". Alphabet. March 24, 2015. 
  12. ^ a b Craig, Suzanne (November 9, 2010). "Dealbook: A Female Wall St. Financial Chief Avoids Pitfalls That Stymied Others". The New York Times. 
  13. ^ "The Everything Store: Jeff Bezos And The Age Of Amazon," Little,_Brown_&_Co., p. 101, (New York 2013); Template:Vox"The Little-Known Deal That Saved Amazon From The Dot-Com Crash," Timothy B. Lee (April 5, 2017)
  14. ^ Sorkin, Andrew Ross (2009). Too Big to Fail. Viking Press. pp. 372, 382. ISBN 978-0-670-02125-3. 
  15. ^ "When Treasury Calls". The Deal. September 2008. 
  16. ^ Too Big To Fail on IMDb
  17. ^ "2011 Bretton Woods Annual Meeting: Risks to the Global System". The Bretton Woods Committee. May 2011. 
  18. ^ "2013 Edelman Trust Barometer". Edelman. January 2013. 
  19. ^ "Ruth Porat". World Economic Forum. December 2013. 
  20. ^ "Obama Considering Morgan Stanley's Porat for Treasury Job". Bloomberg News. January 14, 2013. 
  21. ^ "Morgan Stanley's Porat No Longer Interested in Treasury Post". Bloomberg News. 
  22. ^ "Ruth Porat Withdraws Name From Deputy Treasury Race". The New York Times. March 28, 2013. 
  23. ^ Barsh, Joanna; Cranston, Susie; Lewis, Geoffrey (2010). How Remarkable Women Lead: The Breakthrough Model for Work and Life. Crown Books. ISBN 978-0307461704. 
  24. ^ Institutional Investor, December 3, 2013, http://www.institutionalinvestor.com/Research/4633/Best-CFOs.html
  25. ^ Moore, Michael (March 26, 2015). "Google Agrees to Pay New CFO Ruth Porat $70 Million by 2016". Bloomberg Business. 
  26. ^ "Google Makes So Much Money, It Never Had To Worry About Financial Discipline--Until Now". Bloomberg_BusinessWeek, Dec. 8, 2016.
  27. ^ Institutional Investor, November 7, 2017, https://www.institutionalinvestor.com/article/b15hrwskzqkk33/the-2018-all-america-executive-team-what-makes-a-top-ceo
  28. ^ Fortune, October 27, 2017, http://fortune.com/2017/10/27/data-sheet-amazon-google-microsoft-stock-earnings/
  29. ^ 2017 Alphabet, Inc. Proxy Statement, https://www.sec.gov/archives/edgar/data/1652044/000130817917000170/lgoog2017__def14a.htm
  30. ^ "Board of Trustees welcomes two new members who bring 'wisdom and expertise'". Stanford Report. Stanford University. August 17, 2010. 
  31. ^ , Stanford_Universityhttp://siepr.stanford.edu/events/speakers/ruth-porat"SIEPR Economic Summit 2017," March 17, 2017
  32. ^ "Treasury Borrowing Advisory Committee Members". US Department of the Treasury. 
  33. ^ "Trustees and Officers". The Economic Club of New York. Retrieved August 1, 2013. 
  34. ^ "Members". Bretton Woods Committee. 
  35. ^ "Advisory Council Announced: Hutchins Center on Fiscal and Monetary Policy at Brookings" (Press release). Brookings Institution. March 27, 2014. 
  36. ^ "A Morning At The Dakota". The Washington Post. February 2008. 
  37. ^ {{cite weburl=https://pagesix.com/2016/03/31/hillary-tells-celeb-friends-she-could-beat-trump-in-a-landslide
  38. ^ "Morgan Stanley CFO Ruth Porat: Raise Taxes On The Rich". The Huffington Post. December 2011. 
  39. ^ Ruth Porat, Battling Cancer by Going to Work. Big Think. November 2010. 
  40. ^ "The incredible rise of Ruth Porat, CFO at one of the most valuable companies in the world". Business Insider. Retrieved 2017-12-13. 

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