Google’s CFO just got promoted

Google parent company Alphabet is promoting Chief Financial Officer Ruth Porat to a new role A press release regarding Alphabet’s second quarter 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 policy makers and regulators.

The new role will be effective 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 am excited about this new role and the opportunity to engage with leaders globally 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 by strong partnerships to create opportunities for people and communities everywhere.”

In its earnings release, the company announced revenue of $74.6 billion for the quarter, beat expectations,

In April, Alphabet also announced a major reorganization of its AI teams, merging DeepMind with Google Brain to form the new Google DeepMind organization. DeepMind CEO Demis Hassabis is leading the new organization. The move could prove to be a big step for Alphabet as it seeks to compete in AI with companies like Microsoft, OpenAI and even Elon Musk’s new X.AI.