Ruth Porat was considered as one of the most influential women in Wall Street. She was the CFO at Morgan Stanley, before she made the move to Silicon Valley last week as the new CFO of tech giant Google Inc (NASDAQ:GOOGL). But is it easy to attract such a talented veteran from Wall Street? Google Inc (NASDAQ:GOOGL) had to pay a huge sum in cash and stock to attract Porat into Silicon Valley. The Street’s Susannah Lee reported about the pay package agreed between Google Inc (NASDAQ:GOOGL) and its CFO Ruth Porat.
Google Inc (NASDAQ:GOOGL) stock went up by more than 2% as the company announced Ruth Porat as its new CFO on Tuesday. But since then the stock has dropped more than 3% of its value and closed at under $560 per share on Friday.
“Google will pay its new Chief Financial Officer more than $70 million over the next two years. The pay package includes salary, restricted stock and bonuses. Ruth Porat joins the tech giant from Morgan Stanley,” Lee reported.
Lee reported that Porat will be receiving a pay package of more than $70 million over the next two years. She added that this package includes salary, restricted stock and bonuses. To put it in perspective, this package Ruth Porat is receiving from Google Inc (NASDAQ:GOOGL) is more than many CEO’s in Silicon Valley and on Wall Street earn.
The package also includes a signing bonus of $5 million, which Porat will have to forfeit if she quits the company before completing a year of service at Google Inc (NASDAQ:GOOGL). Reports suggest that Porat will be starting her work at Google Inc (NASDAQ:GOOGL) as its new CFO on May 26.
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