Alphabet Inc (GOOG, GOOGL) Board Beefs Up Financial Chops With New Member

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Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) just brought on TIAA CEO Roger Ferguson, who will lend his financial expertise to Alphabet’s board.

Alphabet Inc (GOOG, GOOGL) Board Beefs Up Financial Chops with New MemberFerguson’s hiring gives Google stock more expertise in finance, but it’s also a notable moment as Ferguson becomes the first African American to serve on the company’s board.

Alphabet’s executive chairman, Eric Schmidt, had this to say:

“I’m so excited that Roger has agreed to join our Board. He has a long record of distinguished and thoughtful service in the private and public sectors, and deeply understands how technology can improve the lives of people around the world.”

Ferguson will replace John Doerr, an early investor in Google, on the company’s audit committee, which includes ex-Pixar CFO Ann Mather and ex-Ford Motor Company (F) CEO Alan Mulally.

Ferguson’s duties at TIAA revolved around managing the retirement accounts for university professors and employees within fields ranging from educational and medical to government and cultural. Before TIAA, Ferguson served on the board of the Federal Reserve between 1997 and 2006, also becoming the first African American to occupy the role of vice chairman at the Fed.

Ferguson’s influence on the board should synergize with Alphabet CFO Ruth Porat’s streamline efforts concerning moonshot investments.

“I’ve long admired Google’s and Alphabet’s positive impact on people across the globe,” said Ferguson. “I’m honored to join the Alphabet board and look forward to helping the company in its many terrific opportunities ahead.”

Ferguson will receive $1 million in an equity grant, according to the SEC filing.

As of this writing, John Kilhefner did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/alphabet-inc-goog-googl-finance/.

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