Ruth Porat, former CFO at Morgan Stanley, has joined Google. In a move reportedly aimed at cutting expenditure, Porat will serve as CFO.
As the CFO of Morgan Stanley, Porat helped the bank to cut its expenses by up to 29% of its revenue in 2014, which was down by 34% compared to 2012.
Google’s expenditure has seen a rise following new projects including self driving cars, smart glasses, and other Google X projects.
In 2014, the search giant’s revenue grew 19%, but its total expenses rose to 23.4%, reported Reuters.
The announcement came two weeks after its current CFO Patrick Pichette, announced his retirement.
Porat, who joined Morgan Stanley in 1987, is the latest among several executives to ditch Wall Street for Silicon Valley.
Anthony Noto of Twitter was an investment banker at Goldman Sachs Group, and Morgan Stanley tech analyst Mary Meeker left the company to join Kleiner Perkins.
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Google has not disclosed Porat’s pay scale, but according to some public filings, Google’s departing CFOs were paid twice as much as Porat for three years through 2013.
