Google drops R840 million to steal prized employee

Google’s new chief financial officer, Ruth Porat, is being paid more than $70 million for defecting from the same job at investment bank Morgan Stanley.

The lucrative pay package disclosed in a Thursday regulatory filing underscored how much Google prized Porat, who is considered to be among the most powerful women on Wall Street.

Porat, Morgan Stanley’s CFO since 2010, will start her new job May 26. Shortly after her arrival, Google will award her stock valued at $25 million and then dole out another bundle of stock worth $40 million next year.

Google Inc. also is giving Porat a $5 million signing bonus to supplement her starting salary of $650,000.

Morgan Stanley paid Porat a $1 million salary in 2013 as part of a $10.1 million pay package.

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Google drops R840 million to steal prized employee