(Reuters) – Google Inc said it would pay its new Chief Financial Officer, Ruth Porat, more than $70 million through a combination of restricted stock units and a biennial grant.
The company hired Morgan Stanley CFO Porat as its finance chief earlier this week, a sign it is aiming to rein in costs as it invests in new businesses such as self-driving cars and Internet-connected eyeglasses.
Porat’s compensation package includes a grant of $25 million through restricted stock units, a $40 million biennial grant in 2016 and a special one-time $5 million sign-on bonus,Google said in a regulatory filing on Thursday. (1.usa.gov/1byDpVm)
Porat, who will join Google on May 26, will also get an annual base salary of $650,000. She earned a base salary of $1 million at Morgan Stanley for 2013, according to the bank’s proxy filing. Her pay last year will be disclosed once the bank files its latest proxy.
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Porat is the latest among a string of Wall Street executives to leave an industry that is increasingly regulated to move into the more free-wheeling technology sector, where fortunes can be built fast but businesses can also become irrelevant overnight.
Google paid its outgoing CFO Patrick Pichette, who announced his retirement earlier this month, $62.2 million for the three years through 2013, more than twice the $29.6 million Porat earned at Morgan Stanley, according to regulatory filings.
Mountain View, California-based Google said it would stop annual cash bonuses for senior vice presidents from next year and shift to a system that includes annual base salary and biennial equity grants.
Shares of Google closed at $563.64 on Thursday on the Nasdaq.
