Alphabet, Google’s parent company, is promoting chief financial officer Ruth Porat to a new role, according to a press release detailing Alphabet’s Q2 earnings. As part of the newly created role of president and chief investment officer of Alphabet and Google, Porat will oversee Alphabet’s “Other Bets” investments and work more closely with policymakers and regulators.
The new position will take effect September 1, 2023, and the company will look for a successor as CFO of Google and Alphabet. Porat will still report to CEO Sundar Pichai.
“I’m excited about this new role and the opportunity to work with leaders around the world to unlock economic growth through technology and investment,” Porat said in a statement. “I am committed to Google’s continued growth and ensuring that our diverse global investments are supported with a strong partnership to create opportunities for people and communities everywhere.”
In its earnings release, the company announced revenue for the quarter of $74.6 billion, which beat expectations.
In April, Alphabet also announced a massive reorganization of its AI teams by merging DeepMind with Google Brain to form the new Google DeepMind organization. Demis Hassabis, CEO of DeepMind, is leading the new organization. The move could prove to be an important move for Alphabet as it appears to be competing in AI with companies like Microsoft, OpenAI and even Elon Musk’s new X.AI.