(Reuters) - Google Inc said it would pay its new Chief Financial Officer, Ruth Porat, an annual base salary of $650,000 and a special one-time $5 million sign-on bonus.
The company hired Morgan Stanley CFO Porat as its finance chief earlier this week, a sign it is aiming to rein in costs as it invests in new businesses such as self-driving cars and Internet-connected eyeglasses.
Porat, who will join Google on May 26, will also get a new hire grant of $25 million through restricted stock units and a $40 million biennial grant in 2016, the company said in a regulatory filing on Thursday. (http://1.usa.gov/1byDpVm)
Google paid its outgoing CFO Patrick Pichette, who announced his retirement earlier this month, $62.2 million for the three years through 2013, more than twice the $29.6 million Porat earned at Morgan Stanley, according to regulatory filings.
Porat earned a base salary of $1 million for 2013, according to Morgan Stanley's latest proxy filing. Her pay last year will be disclosed once the bank files its latest proxy.
Google said it would stop annual cash bonuses for senior vice presidents from next year and shift to a system that includes annual base salary and biennial equity grants.
(Reporting by Avik Das in Bengaluru; Editing by Joyjeet Das)
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