New Google CFO's pay will dwarf her Wall St comp
"On behalf of Google Inc., I am pleased to offer you the exempt position of senior vice president and chief financial officer."
Although that may sound like a fairly run-of-the-mill offer of employment, in this case the job comes with a pay package worth more than $70 million. That's what former Morgan Stanley (MS) executive Ruth Porat will earn as Google's new CFO, according to the company's formal offer letter, which was disclosed Thursday in a regulatory filing.
Porat, who had served as Morgan Stanley's top financial executive since 2010 and who has long been seen as one of the most powerful women on Wall Street, was announced as Google's new CFO earlier this week. She is set to start her new job at the company on May 26.
Google (GOOG) is giving Porat a $5 million bonus to join the search giant, along with an annual salary of $650,000. Beginning in December, she will receive a first cut of Google stock worth a total of $25 million, with the grants scheduled to vest over the next two years. In 2016, she will get additional stock valued at $40 million.
For Porat, 58, that represents a tidy raise from her days at Morgan Stanley. Porat -- who has an M.B.A. from the Wharton School of the University of Pennsylvania, a master's degree from the London School of Economics and a bachelor's degree from Stanford University -- earned a base salary of $1 million at the bank as part of a $10.1 million annual compensation package.
Porat, who is replacing outgoing CFO Patrick Pichette, will be Google's most senior female executive.