June 25, 2020 / 12:54 PM / 8 days ago

Blackstone adds Alphabet CFO Ruth Porat to its board

FILE PHOTO: CFO of Google Ruth Porat attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2019. REUTERS/Arnd Wiegmann

(Reuters) - Blackstone Group Inc (BX.N) said on Thursday Alphabet Inc’s (GOOGL.O) finance chief, Ruth Porat, will join the private equity firm’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, who joined Google in 2015 as chief financial officer (CFO) after leaving the same position at Morgan Stanley (MS.N), has also been CFO at Alphabet since it was created in October 2015.

“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,” Blackstone Chief Executive Officer Stephen Schwarzman said.

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 (AIG.N).

Reporting by C Nivedita; Editing by Vinay Dwivedi

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