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June 26, 2008
Google Names Patrick Pichette New CFO
Google has announced their replacement of outgoing CFO George Reyes. Former Bell Canada CFO Patrick Pichette has been offered the position along with an employment package as good as many first round draft picks in sports.
As the San Jose Mercury News details, Pichette will get a $500,000 signing bonus and the rest of the package makes his first year's pay in the millions.
Welcome to the team Patrick.
Posted by Frank Watson at June 26, 2008 12:58 PM
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Good luck to Mr. Pichette!
Having been part of Google in its infancy within the Asia Pacific region, Mr. Pichette will need to earn his wings PDQ, given the generally low regards of Finance / Accounting functions within the company.
From the founders (Larry and Sergey), all the way to the engineering function, plus the sales team, Finance / Accounting has always been, and in my opinion, will continue to be the 'required evil'; at least until the growth of Google suffers a sustaned lull. Only then the true value of a CFO can be seen!
It maybe a big surprise to all. But Mr. Pichette's predecessor, G. Reyes, is often ridicule, if not counted out in any executive decision making process.
Though being the lone C-level finance individual within the Executive Committee, to suggest George Reyes was a short leash will be an understatement.
But then again, not bad being a punching bag if one can walked away with close to US$250 million after a merely 5.5 years.
Posted by: chi lui at July 8, 2008 11:30 PM
