Rise of Ruth Porat, Alphabet’s new Chief Investment Officer
It’s been a good week for Alphabet and Google, especially for CFO Ruth Porat. Not only did she announce the company’s first quarter since 2021 that the tech giant increased revenue more than spending, with growth in advertising and cloud in particular, but she also earned herself a promotion.
Porat will assume the newly created role of President and Chief Investment Officer of Alphabet and Google from 1 September. She will also keep the role of CFO until a successor is found.
Porat is the company’s longest-serving CFO, joining the (then) internet giant in May 2015.
A significant part of her new role will be working on the elusive Other Bets portfolio alongside CEO Sundar Pichai.
These stated 'Other Bets' are a not insignificant drain on Alphabet’s deep pockets, but focus on potential high-growth areas and businesses including Internet and TV services; Licensing and R&D services; and Nest branded hardware.
Businesses include Access, Calico, CapitalG, GV, Nest, Verily, Waymo, and X.
“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,” said Pichai.
“In her new role, Ruth will strengthen our collaboration with policy makers and shape our corporate investments to have maximum economic impact for people and economies around the world.”
Where Google and Alphabet are making their money
Addressing those results, Porat highlighted performance for Search, YouTube, and Cloud.
YoY revenue increased by 7%, with Cloud continuing to make significant growth having hit positive territory.
“I’m excited about this new role and the opportunity to engage with leaders globally to unlock economic growth via technology and investment,” said Porat.
“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.”
******
For more business insights check out the latest edition of Business Chief Middle East & Africa and be sure to follow us on LinkedIn & Twitter.
You may also be interested in Business Chief US & Canada.
Please also check out our upcoming event - Sustainability LIVE in London on September 6-7, 2023.
BizClik is a global provider of B2B digital media platforms that cover executive communities for CEOs, CFOs and CMOs, as well as leaders in Sustainability, Procurement & Supply Chain, Technology & AI, Cyber, FinTech & InsurTech. We also cover industries including Manufacturing, Mining, Energy, EV, Construction, Healthcare and Food & Drink.
BizClik, based in London, Dubai and New York, offers services such as content creation, advertising and sponsorship solutions, webinars and events.
