Ruth Porat

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Ruth Porat
Born 1957
Sale, Greater Manchester, England,
United Kingdom
Nationality American
Alma mater Stanford University
London School of Economics
University of Pennsylvania
Employer Alphabet Inc. (a conglomerate and holding company of which Google is a subsidiary)
Title Chief Financial Officer
Spouse(s) Anthony Paduano
Children 3

Ruth Porat (born 1957) is a British-born American financial executive, who is the current CFO of Alphabet (of which Google is a subsidiary) as of May 2015.[1][2][3] She was Chief Financial Officer and Executive Vice President of Morgan Stanley from January 2010 to May 2015.[3]

Early life and education[edit]

Porat was born to a Jewish family[4] in Sale, Greater Manchester England,[5] the daughter of Dr. Dan and Frieda Porat.[6][7] 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 where he worked at the SLAC National Accelerator Laboratory for 26 years.[8] 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.[9]

Career[edit]

Morgan Stanley[edit]

Porat started her career at Morgan Stanley in 1987 but left to follow Morgan Stanley President Robert F. Greenhill to Smith Barney in 1993[10] 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.[5] Her financial partner during the Internet investment banking craze was Mary Meeker, who is the godmother to Porat’s three children.[10]

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.[11][12] In the 2011 HBO movie "Too Big to Fail," Porat is played by Jennifer van Dyck.[13] 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.[14][15][16]

In 2013 it was said that President Barack Obama would nominate Porat as the next Deputy Secretary of the Treasury.[17] 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.[18][19]

Porat's career was analyzed in the McKinsey & Company study "How Remarkable Women Lead".[20] She was named "Best Financial Institutions CFO" in a poll conducted by Institutional Investor for its "2014 All-America Executive Team".[21]

Google[edit]

On March 24, 2015 it was announced that Porat would join Google as their new CFO as of May 26, 2015.[1] Bloomberg Business reported that her hiring deal included financial incentives that will eventually amount to $70 million by 2016. [22]

Boardships[edit]

She is a member of the Borrowing Advisory Committee of the United States Treasury,[23] the Board of Trustees of Stanford University,[24] the Board of Directors of The Council on Foreign Relations,[5] the Board of Trustees of the Economic Club of New York,[25] and the Bretton Woods Committee.[26] She is a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution.[27]

Political views[edit]

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.[28] 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."[29]

Personal life[edit]

Porat has been married to Anthony Paduano, partner in the law firm of Paduano & Weintraub, since 1983.[6] Porat is a survivor of breast cancer.[30]

References[edit]

  1. ^ a b McGrath, Maggie (March 24, 2015). "Google Lures CFO Ruth Porat From Morgan Stanley". Forbes. 
  2. ^ Patricia Garcia. "Ruth Porat Is Google's First Female CFO: 10 Other Powerful Women in Tech". Vogue. Retrieved 2015-03-27. 
  3. ^ a b "World's Most Powerful Women: Ruth Porat". Forbes. August 2011. 
  4. ^ 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. 
  5. ^ a b c "Ruth Porat". Council on Foreign Relations. 
  6. ^ a b "Ruth Porat Wed To Law Student". The New York Times. December 18, 1983. 
  7. ^ Dr. Frieda Porat's obituary
  8. ^ "A Dossier on Morgan Stanley's New CFO Ruth Porat". The Wall Street Journal. December 8, 2009. 
  9. ^ "Ruth Porat to Join Google as Chief Financial Officer". Alphabet. March 24, 2015. 
  10. ^ a b Craig, Suzanne (November 9, 2010). "Dealbook: A Female Wall St. Financial Chief Avoids Pitfalls That Stymied Others". The New York Times. 
  11. ^ Sorkin, Andrew Ross (2009). Too Big to Fail. Viking Press. pp. 372, 382. ISBN 978-0-670-02125-3. 
  12. ^ "When Treasury Calls". The Deal. September 2008. 
  13. ^ Too Big To Fail at the Internet Movie Database
  14. ^ "2011 Bretton Woods Annual Meeting: Risks to the Global System". The Bretton Woods Committee. May 2011. 
  15. ^ "2013 Edelman Trust Barometer". Edelman. January 2013. 
  16. ^ "Ruth Porat". World Economic Forum. December 2013. 
  17. ^ "Obama Considering Morgan Stanley's Porat for Treasury Job". Bloomberg News. January 14, 2013. 
  18. ^ "Morgan Stanley's Porat No Longer Interested in Treasury Post". Bloomberg News. 
  19. ^ "Ruth Porat Withdraws Name From Deputy Treasury Race". The New York Times. March 28, 2013. 
  20. ^ Barsh, Joanna; Cranston, Susie; Lewis, Geoffrey (2010). How Remarkable Women Lead: The Breakthrough Model for Work and Life. Crown Books. ISBN 978-0307461704. 
  21. ^ Institutional Investor, December 3, 2013, http://www.institutionalinvestor.com/Research/4633/Best-CFOs.html
  22. ^ Moore, Michael (March 26, 2015). "Google Agrees to Pay New CFO Ruth Porat $70 Million by 2016". Bloomberg Business. 
  23. ^ "Treasury Borrowing Advisory Committee Members". US Department of the Treasury. 
  24. ^ "Board of Trustees welcomes two new members who bring 'wisdom and expertise'". Stanford Report. Stanford University. August 17, 2010. 
  25. ^ "Trustees and Officers". The Economic Club of New York. Retrieved August 1, 2013. 
  26. ^ "Members". Bretton Woods Committee. 
  27. ^ "Advisory Council Announced: Hutchins Center on Fiscal and Monetary Policy at Brookings" (Press release). Brookings Institution. March 27, 2014. 
  28. ^ "A Morning At The Dakota". The Washington Post. February 2008. 
  29. ^ "Morgan Stanley CFO Ruth Porat: Raise Taxes On The Rich". The Huffington Post. December 2011. 
  30. ^ Ruth Porat, Battling Cancer by Going to Work. Big Think. November 2010.