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11/22/2024 05:18:56 am

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Google CFO Patrick Pichette Plans To Retire In Six Months

Patrick Pichette

(Photo : Reuters) Google CFO Patrick Pichette plans to retire and enjoy a perfectly fine mid-life crisis

Patrick Pichette, Chief Financial Officer (CFO) of American multinational corporation Google, is retiring after eight years and is now on the hunt for his replacement.

Pichette's retirement as CFO does not come as a surprise though, as it is following the latest emerging trend in fellow technological companies. The move was recently announced in a regulatory filing last Tuesday.

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Within the next six months, Pichette is planning to find and train the next person to take up his job for the Internet search leader.

Industry leaders such as Apple Inc., Facebook Inc., Twitter Inc., and Amazon Inc. have also replaced their CFO's or have announced plans to do so within the past year.

At 52, Pichette was more than just the CFO of Google who took care of the company's books and its US$64 billion in reserves. Apart from that, Pichette had also been the executive in charge of explaining Google's business strategy and management philosophy to investors during quarterly earnings conference calls.

He resumed the responsibility when CEO Larry Page decided he did not want to do it anymore in 2013.

Pichette was hired in 2008. Shortly after, he helped Google by reining in the company's "free-spending" ways during the Great Recession. Other than being valued in the company, he also gained the respect of Wall Street by doing so.

These past couple of years, though, have not been particularly amazing for Pichette.

Since 2013, the stock of Google has hovered a little above US$560. This was partially due to the expensive investments the company was making at technology that had little to no focus on the company's main internet business.

Despite that, Pichette can afford an early retirement, earning nearly US$31 million from Google stock incentives and his salaries and bonuses. He looks to spend more time travelling the world with his wife, Tamar.

Pichette said he wants to "enjoy a perfectly fine mid-life crisis full of bliss and beauty, and leave the door open to serendipity for our next leadership opportunities, once our long list of travels and adventures is exhausted."

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