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Google Names Ruth Porat New CFO

Google shares jump 2 percent.

REUTERS/Mike Segar

Morgan Stanley Chief Financial Officer Ruth Porat is leaving the bank to join Google Inc in the same position, the companies said on Tuesday.

Porat, 57, will replace Patrick Pichette, who said on March 10 that he planned to retire.
Jonathan Pruzan, co-head of Morgan Stanley’s global financial institutions group in investment banking, will become CFO after Porat leaves on April 30.

Google shares rose 1.8 percent in early trading, while Morgan Stanley shares slipped 0.7 percent.
With Porat’s departure, Greg Fleming, 52, the bank’s head of wealth management, and Colm Kelleher, 57, head of trading, are considered potential successors to CEO James Gorman.

Gorman, 56, has been heading the bank for about five years and he is not expected to leave anytime soon.
Porat, who joined Morgan Stanley in 1987, is no stranger to the technology industry, having led the bank’s technology franchise during the internet boom

She has been the lead banker for financing of companies including Amazon.com Inc and eBay Inc.

Porat will join Google on May 26, the company said in a blog post.

During the financial crisis, she led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on American International Group Inc.

She was widely reported to have been a candidate to be the Treasury deputy secretary, but she said she wasn’t interested.

Pruzan, 46, joined Morgan Stanley in 1994 and he has been working with its financial institution clients.
“He understands the current regulatory environment, having shepherded clients through the Fed’s stress test …” Gorman said in a memo to staff.

(Reporting by Amrutha Gayathri and Tanya Agrawal in Bengaluru; Editing by Kirti Pandey)

This article originally appeared on Recode.net.