FROM WALL STREET TO SILICON VALLEY: HOW GOOGLE POACHED MORGAN STANLEY CFO FOR N6.1B
Tech giants, Google, announced few days ago that they had signed Ruth Porat, the CFO of Morgan Stanley, the investment banking mega-firm, as their new CFO.
According to Forbes, here is the breakdown of the amount they want to pay her in 2015:
- Base Salary: $650k (N130m)
- Sign-on bonus: $5m (N1b)
- Stock grant: $25m (N5b)
Guys, that’s N6.1b in 2015 alone. That’s even 8 months as she is mid-way into April. Forbes also reported that by the end of 2016, the pay would have been $70m (N14b).
Okay, let’s say the sign-off fee is one-off and the stock grant will not crystallize until after a number of years, that’s still some heavy bucks.
She has had all her 28 years career in Morgan Stanley except for a brief stint (1993-1996) in Smith Barney, another financial services giant that was also later acquired by Morgan Stanley.
For those that say you cannot become a billionaire with 9-5 job, except you own a company as an entrepreneur, well here is yet another case that dispels that. She’s not the owner of Google and her annual pay runs into billions. Another reason I don’t believe the “paid employment is slavery” thrash.
Meanwhile, Tech (Silicon Valley) companies are overtaking Investment banking (Wall street companies) as the most lucrative places to work, even at entry level, with crazy bonuses and other perks.
Twitter also recently headhunted a finance executive with Goldman Sachs, another A-list investment banking outfit as their CFO, for mega-bucks.
Google in particular is regarded as the best place to work in the world: out-of-the world perquisites, flexible, sometimes casual working environment, but your brain go work pass computer o.
And a little piece of bad news: Tech companies ( I mean Facebook, Google, Twitter etc) are the most difficult places to get job in at entry level. The questions they ask at entry level can make you tear your clothes and run out of interview room mad, shouting “I no do again o”. No be you wan earn mega pay? LOL. See the account of one of our contributors on JarusHub that underwent the recruitment process of McKinsey, one of the top 3 consulting firms in the world. No be joke at all.
Lol at ” I no do again”.
Read about it. ( Silicon Valley would def beat Wall Street in this kind of
game) .
You do have to give it to her, intelligent, astute and most of all she has the experience. Very vital. From the east coast to the west coast.
Fact is people should do what they believe would make them happy.
If you believe, entrepreneurship is for you, work it out.
If you believe pursing your career to the fullest is the best. Go for it all. Whatever one does, do it well.