Strategy & Operations » Governance » Alphabet welcomes Anat Ashkenazi as new CFO

Alphabet welcomes Anat Ashkenazi as new CFO

Alphabet, the parent company of Google, has named Anat Ashkenazi as its new Chief Financial Officer, marking a pivotal leadership change as the tech giant navigates substantial investments in artificial intelligence. Ashkenazi, a seasoned executive from Eli Lilly, is set to bring her strategic financial acumen to Alphabet starting July 31, 2024.

Alphabet, the parent company of Google, has announced the appointment of Anat Ashkenazi as its new Chief Financial Officer (CFO).

Ashkenazi, who previously served as CFO at pharmaceutical giant Eli Lilly, will officially assume her new role on July 31, 2024. This appointment follows the transition of Ruth Porat, Alphabet’s long-serving CFO, to the roles of President and Chief Investment Officer.

Ashkenazi brings over two decades of experience from Eli Lilly, where she held various financial leadership roles before becoming CFO in 2021. During her tenure, Eli Lilly saw significant growth, particularly with the launch of successful drugs like Mounjaro and Zepbound, which contributed to the company’s strong financial performance. Ashkenazi’s strategic focus on long-term investments and innovation has been widely recognized, making her a valuable addition to Alphabet’s executive team.

Her educational background includes a bachelor’s degree in accounting and economics from the Hebrew University and a master’s degree in business administration from Tel Aviv University.

Her career began at Bank Hapoalim in Israel before she joined Eli Lilly in 2001. Her extensive experience in managing financial operations and driving growth through strategic investments aligns well with Alphabet’s current focus on innovation, particularly in the artificial intelligence (AI) sector.

Transition and Future Focus

Ruth Porat, who has been with Alphabet since 2015, will continue to serve as CFO until Ashkenazi’s official start date.

Porat will then fully transition to her new roles, where she will continue to influence Alphabet’s investment strategies. Under Porat’s financial leadership, Alphabet has grown into one of the world’s most valuable companies, with a market cap of $2.15 trillion.

Alphabet’s CEO, Sundar Pichai, expressed confidence in Ashkenazi’s ability to drive the company’s next wave of growth. “The AI era is giving us an incredible opportunity to innovate at scale across our core products. I look forward to working with Anat as we invest responsibly to support our next wave of growth,” Pichai stated.

Alphabet’s Financial Outlook

Alphabet is currently navigating a period of significant investment in AI technologies, which has led to increased capital expenditures. In the first quarter of 2024, the company’s capital expenditures surged by 91% to $12 billion. Despite these rising costs, Alphabet reported a 57% increase in profit, reaching $23.7 billion. The company also announced its first-ever cash dividend, signaling strong financial health.

As Ashkenazi steps into her new role, her focus will likely be on balancing these substantial investments in AI with the need for financial efficiency. Her track record at Eli Lilly suggests she is well-equipped to manage this balance, ensuring that Alphabet continues to innovate while maintaining robust financial performance.

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