Technology
Wednesday, June 5th, 2024 4:39 pm EDT
Key Points
- Leadership Transition: Eli Lilly’s CFO Anat Ashkenazi will become Alphabet’s new CFO effective July 31, succeeding Ruth Porat, who will transition to the role of president and chief investment officer.
- Background and Experience: Ashkenazi has a 23-year career at Eli Lilly, serving as CFO since 2021 and playing a significant role in managing the financial growth from Eli Lilly’s weight loss and diabetes drugs. Porat’s tenure at Google since 2015 includes her previous experience as CFO at Morgan Stanley.
- Strategic Focus and Organizational Changes: Google’s finance unit is undergoing restructuring to prioritize AI investments, including layoffs and team relocations. This leadership change is part of broader shifts within Google’s executive team, which has seen several high-profile departures
Alphabet, Google’s parent company, has announced that Eli Lilly’s Chief Financial Officer (CFO) Anat Ashkenazi will take over as its new CFO effective July 31. This transition comes nearly a year after Alphabet first revealed that current CFO Ruth Porat would be stepping into a new role as president and chief investment officer.
Ashkenazi brings a wealth of experience from her 23-year tenure at Eli Lilly, where she has served as CFO since 2021. During her time at Eli Lilly, she played a crucial role in managing the financial aspects of the company’s global business areas and oversaw significant revenue growth driven by the pharmaceutical company’s weight loss and diabetes medications. Eli Lilly confirmed Ashkenazi’s departure in a separate announcement, noting that she will continue to serve on the executive committee until her exit.
Alphabet’s CEO Sundar Pichai expressed enthusiasm about Ashkenazi’s appointment, citing her strategic focus on long-term investment to drive innovation and growth. Her background and expertise are expected to align well with Alphabet’s goals as the company navigates its investments in artificial intelligence (AI) and other forward-looking technologies.
Ruth Porat, who has been with Google since 2015 after a distinguished career at Morgan Stanley, where she also served as CFO, has been instrumental in Google’s rise to becoming one of the world’s most valuable companies. Her tenure at Google has been marked by navigating challenges such as the AI race and antitrust investigations. The leadership transition has been planned for some time, with Google initially announcing Porat’s impending role change in 2023 and subsequently conducting an extensive search for her successor.
In recent months, Google’s finance unit has undergone significant restructuring as the company shifts its focus towards AI investments. This restructuring, announced by Porat, has involved layoffs and team relocations worldwide to better align with the company’s strategic priorities.
Alphabet has experienced notable shifts in its leadership beyond the finance department. High-profile departures have included YouTube CEO Susan Wojcicki, former Chief Business Officer Robert Kyncl, and respected AI authority Geoffrey Hinton. These changes reflect broader transformations within Google’s executive ranks.
Alphabet’s stock showed a slight increase in premarket trading following the announcement of Ashkenazi’s appointment, indicating investor confidence in the leadership change.
Ashkenazi’s role as a member of CNBC’s CFO Council was also noted, highlighting her prominence and recognition in the financial community.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/05/alphabet-taps-eli-lillys-anat-ashkenazi-as-new-cfo.html
