Google Snaps Up Morgan Stanley's CFO as Company's Revenue and Expenses Rise

Morgan Stanley's chief financial officer Ruth Porat surprised Wall Street on Tuesday by resigning from the bank she has been a part of for 28 years to take the same position at Google.

Porat will fill the role of Google's CFO of the past seven years, Patrick Pichette, announced his plans to retire.  During his three year stay, Pichette's total income reached a sum double of what Porat had made in the same period: $62.2 million vs. $29.6 million.

Porat, 58, will become Google's highest-ranking female executive when she starts her new job on May 26. However, Porat's future compensation has not been disclosed by Google.

Her last day at Morgan Stanley will be April 30, ending a 28-year career at the New York investment bank.

Porat will be returning to California where she has strong ties. She is the daughter of a Stanford University physicist, she was raised in Palo Alto, a short distance from where Google is based. She attended Stanford, as did her three children, and now sits on its board of trustees.

"I'm delighted to be returning to my California roots and joining Google," she said in a statement released by the Mountain View, California-based company. "Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford's board, I've had the opportunity to experience first-hand how tech companies can help people in their daily lives."

Porat will enter the company at a crucial financial time. In 2014, the company recorded a 19 percent rise in income but the total expense saw a 23.4 percent increase. This phenomenon sparked concerns among some analysts. Meanwhile, Google's shares have lagged behind its rivals, dropping 0.3 percent in the year through Tuesday. Facebook's shares meanwhile rose 33 percent, while Apple's increased 64 percent.