Ruth Porat is joining an elite club of executives paid way off the top in Wall Street. On joining one of the most valuable corporations in the world Porat stands to pocket grants of as much as $70 million in addition to a $650,000 annual basic salary. CNBC’s Dominic Chu reports that Google Inc (NASDAQ:GOOGL) is also willing to pay her an additional $5 million in signing bonus.
Google Inc (NASDAQ:GOOGL) is hiring Ms. Porat to replace current CFO, Patrick Pichette, who announced that he will be stepping down to relax and be with his family. The price that Google is willing to pay to acquire the services of Porat highlights the value of her experience and expertise accrued over the years in Wall Street.
“Ruth Porat will make an annual basic salary of $650,000 that’s modest by measures for other CFO’s as per the S&P 500. Google Inc (NASDAQ:GOOGL) will pay Porat a special one-time signing bonus of $5 million. It could be returned if Ruth terminates her employment with Google before the one year anniversary of her start date,” said Mr. Chu
It is a considerable pay jump for Porat considering Morgan Stanley (NYSE:MS) reportedly paid her $10 million in 2013. The new package means she will also earn more than many CEOs in Wall Street.
Porat is to start her new Job at Google Inc (NASDAQ:GOOGL) on May 26 upon which she will receive the $5 million in signing bonus that vests at the end of the year. On top of the signing bonus, she will walk away with $25 million in stock grant that vests in 2017 in addition to a $40 million stock grant that vests from 2016 to 2019.
“Google Inc (NASDAQ:GOOGL) will also assist Ruth Porat with any relocation expenses and also be eligible to participate in the compensation of benefits programs generally available to Google’s executive officers,” said Mr. Chu.
Porat joins Google Inc (NASDAQ:GOOGL) at a time of immense concerns with regards to the direction the company is headed to, in terms of growth as well as the share price; the stock having remained flat over the past year. There has also been mounting pressure in the recent past for the company to share its big cash balance of $65 billion to shareholders in the form of dividends and buybacks.
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