Private equity firm Blackstone Group Inc recently announced that Alphabet Inc.’s Chief Financial Officer, Ruth Porat, will join the company’s board of directors.
Porat would be the third female member on Blackstone’s board, along with former senator Kelly Ayotte and Rochelle Lazarus, Former Chief Executive Officer of Ogilvy & Mather Worldwide.
Porat had joined the internet giant Google in 2015 as the Chief Financial Officer. She had moved from Morgan Stanley where she was working at the same position. She was named the CFO for Alphabet after its creation in October 2015.
Porat led many milestone transactions at Morgan Stanley, including Blackstone’s initial public offering in 2007.
During the 2008 financial crisis, Porat led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on American International Group Inc.
Commenting on the appointment, Blackstone Chief Executive Officer Stephen Schwarzman said,“She possesses a deep understanding of the financial services industry from her years on Wall Street and has had a front row seat in Silicon Valley to the technological revolution that is sweeping the world.”
Porat is Vice Chair of Stanford University’s Board of Trustees and a member of the Board of Directors of the Stanford Management Company, the University’s endowment. She is a member of the Aspen Institute Economic Strategy Group and the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She holds a BA from Stanford University, an MSc from The London School of Economics and an MBA from the Wharton School.
Speaking on her appointment, Porat said,“I’ve known the Blackstone leadership team for many years and have always admired Blackstone’s business and culture. The firm’s tremendous growth, success and innovation is a testament to the quality of its people and the strength of its global platform. I hope to contribute as a member of the Board.”
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