When it comes to the world of Silicon Valley, Morgan Stanley CFO Ruth Porat has leaned in and will be moving into the CFO slot of Google. Google, which made the announcement Tuesday, says Porat will succeed current CFO Patrick Pichette in May.
Porat, 57, has been with Morgan Stanley for 28 years. She will be replaced by Jonathan Pruzan, 46, co-head of global financial institutions banking, according to several news sources.
“I’m delighted to be returning to my California roots and joining Google,” said Porat, in a statement. “Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford’s Board, I’ve had the opportunity to experience first-hand how tech companies can help people in their daily lives. I can’t wait to roll up my sleeves and get started.”
Porat joined Morgan Stanley in 1987 and has served as vice chairman of Investment Banking, global head of the Financial Institutions Group and co-head of Technology Investment Banking.
Pruzan joined Morgan Stanley (MS) in 1994, after spending four years with PaineWebber. He currently is global co-head of the financial institutions group, a role he took on in 2010.
“Healthy change maintains the vitality of an organization, and energizes and engages individual leaders at every level of the firm. These changes are part of our continued path forward from a period of repositioning to a period of growth,” said Morgan Stanley CEO James Gorman, in a statement.
Morgan Stanley was the lead bank when Google (GOOG) staged its initial public offering in 2004.
Earlier in March, Morgan Stanley Wealth Management restructured its leadership after Doug Ketterer, who led strategy and client management, retired. As part of the changes, Sara Furber became head of Corporate & Institutional Wealth Management and Wealth Management Strategy.
Shelley O’Connor, head of field management, is now in charge of International Wealth Management, Global Sports and Entertainment, the Client Development Group and Private Wealth Management. She has been given the title of vice chairperson.
Women and Wall Street, Silicon Valley
There are not many women occupying executive posts, particularly in the C suites, on Wall Street, or Silicon Valley. Notable exceptions include Mary Callahan Erdoes, CEO of JPMorgan Asset Management (JPM) and Marissa Mayer, the current president and CEO of Yahoo.
One woman breaking the mold in both tech and finance is Bella Loykhter Allaire, executive vice president of technology and operations, at St. Petersburg, Florida-based Raymond James (RJF).
Krawcheck speaks regularly at financial conferences and gatherings of women in the field. In October, she addressed the Raymond James Women’s Symposium shortly after Microsoft CEO Satya Nadella remarked that women shouldn’t ask for a raise and instead should rely on “karma.”
“I’m beside myself,” she said, reflecting on Nadella’s statement, which he later retracted. “That’s what got us where we are, earning 78 cents on the dollar [earned by a man]. There’s the karma.”
Before she spoke to the crowd of 500-plus advisors and other guests, Krawcheck said on Twitter, “[Asking for a raise is] the highest return investment she can make.”