Google parent Alphabet on Wednesday announced that its new chief financial officer will be Anat Ashkenazi, currently executive vice president and CFO at pharmaceutical company Eli Lilly. Google stock rose on the news.
Ashkenazi will become CFO and senior vice president of Google and Alphabet effective July 31. She has been at Eli Lilly since 2001 and its CFO since 2021. Google earnings for the second quarter are due in late July.
"We foresee little change to the financial outlook or strategy for Google where the consistent messaging of 'durably re-engineering its cost base' is already firmly established," said RBC Capital analyst Brad Erickson in a report. "We wouldn't think a newcomer to the company would do anything but continue to shepherd that strategy."
Meanwhile, Alphabet in July 2023 said CFO Ruth Porat would assume a newly-created role of president and chief investment officer effective Sept. 1 last year. Porat has continued to serve as CFO while the company looked for a successor.
Part of Porat's new role involves oversight of Alphabet's "Other Bets." The tech giant has piled up billions of dollars in operating losses from these ventures.
On the stock market today, Google stock rose 0.5% to 174.72 in afternoon trading. Also, GOOGL stock has climbed 24% in 2024.
Google stock owns an IBD Relative Strength Rating of 92 out of a best-possible 99, according to IBD Stock Checkup. That means it has outperformed 92% of stocks in the past 12 months.
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