Introduction:
Kenny Young, President of the Undergraduate Business Council, welcomes the audience to the VIP Distinguished Speaker Series event and introduces the esteemed guest, Ms. Ruth Porat, CFO of Alphabet and Google.

Speaker Introduction:
Ms. Porat is a renowned business leader with a remarkable career. She currently serves as the CFO of Alphabet and Google and previously held leadership positions at Morgan Stanley, including CFO, EVP, Vice Chairwoman of Investment Banking, and Global Head of the Financial Institution Group.

Contributions at Morgan Stanley:
At Morgan Stanley, Ms. Porat played a crucial role in creating the European debt financing that saved Amazon from collapse during the 2000 dot-com meltdown. Her leadership contributed to improved conditions at the company.

Nomination and Withdrawal:
In 2013, President Barack Obama considered nominating Ms. Porat as the next Deputy Secretary of the Treasury due to her outstanding achievements. However, she later withdrew her name due to the improving conditions at Morgan Stanley under her guidance.

Joining Google and Achievements:
In 2015, Ms. Porat joined Google as its CFO. She has been credited with reorganizing the company, introducing financial discipline, and boosting the company’s share price.

Additional Affiliations:
Vice Chair of Stanford’s University Board of Trustees Board Member of Stanford Management Company Member of the Board of Directors of the Council on Foreign Relations Member of the Advisory Council on the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution

Personal Journey:
Ms. Porat is a breast cancer survivor and shared her experiences in a video for the Big Things series about what survivors of cancer learn from their experiences.

Education:
Bachelor’s degree from Stanford University MBA from the Wharton School of Business Master’s degree from the London School of Economics

Ruth Porat’s Career Path:
Ruth Porat initially pursued a career in mergers and acquisitions at Morgan Stanley in 1987. She experienced the challenges of the market crash shortly after joining but persevered through changing opportunities. During the financial crisis, she held a significant role as CFO at Morgan Stanley and worked closely with the US Treasury and Federal Reserve.

The Value of Sponsors:
Ruth Porat emphasizes the significance of sponsors as the most important aspect of her career. She recommends working for individuals who take risks, invest in your career, and open doors for you. According to Porat, sponsorship is earned through delivering exceptional performance and building trust with your superiors.

Bill Campbell’s Role:
Bill Campbell, a renowned coach in Silicon Valley, played a crucial role in guiding Porat’s career. He encouraged her to embrace the opportunity to become CFO at Google, which Porat initially doubted was possible.

Finding a Sponsor:
Porat advises graduating students to seek sponsors who are willing to take risks and help them grow professionally. She suggests earning sponsorship by demonstrating competence and building a strong rapport with your superiors.

Examples of Sponsorship:
Porat shares an example where a sponsor pushed her to take on the financial institutions banking business, which led to valuable opportunities during the financial crisis. She highlights that sponsors don’t need to be identical to you but should possess strong ethics and the willingness to support your growth.

Finding Her Path:
After graduating from Stanford, Ruth Porat was determined to attend law school and gained valuable experience at the Department of Justice.
-A case in Sylacauga, Alabama, opened her eyes to different perspectives, leading her to consider a master’s degree from the London School of Economics (LSE) before law school.

Discovering Business and Consulting:
At LSE, she realized her interest in business more than law, influenced by coursework and meeting her future husband, who had a passion for arguing. This realization led her to pursue consulting after completing her master’s degree.

Business School and M&A Accounting:
Ultimately, she decided to attend business school, where an M&A accounting class opened up new possibilities.

Fear of Failure as Learning Moments:
Porat emphasizes that the fear of failure is constant but should be reframed as learning moments. She considers battle scars and tough experiences valuable assets, as they contribute to growth and resilience. Embracing risks and trying new things is essential for continuous growth and avoiding stagnation.

Work-Life Integration Over Work-Life Balance:
Ruth Porat advocates for the concept of work-life “mix” instead of “balance.” Achieving a true balance is challenging, leading to dissatisfaction and resentment. Embracing a mix allows for a more fulfilling and vibrant career while maintaining a fulfilling personal life.

The Importance of A Full Life:
Porat emphasizes the crucial role of having a fulfilling life outside of work. Hobbies, family, community involvement, and other interests offer balance and prevent resentment.

Kaleidoscope Metaphor for Work-Life Mix:
Porat uses the metaphor of a kaleidoscope to illustrate the dynamic nature of work-life integration. Different sizes, colors, and shapes of glass pieces represent various aspects of life. The kaleidoscope’s shifting patterns reflect the changing priorities and demands of work and personal life.

Addressing Diversity Challenges:
Porat acknowledges the progress made in diversity but recognizes that there’s more work to be done. The business value of diversity is increasingly recognized, with research linking diverse leadership to stronger financial performance.

Factors Promoting Diversity:
Tone from the top and role models are essential for fostering diversity. Having a diverse leadership team sets an example and creates a culture of inclusion. Supporting programs and policies, such as gender pay equality, family leave policies, and unconscious bias training, nurture and support diverse career paths.

Encouraging Open Conversations:
Porat highlights the significance of fostering a culture that encourages conversations about diversity and addressing issues promptly. Investing resources in achieving desired outcomes accelerates progress in promoting diversity and inclusion.

Progress and Future Potential:
While significant progress has been made, there’s room for further improvement. Porat expresses optimism that future generations can make even greater strides in promoting diversity and inclusion.

Diversity and Inclusion:
Ruth Porat emphasizes the importance of diversity in all its forms, including gender, sexual orientation, race, and socioeconomic background. The goal is to create a challenging and robust environment where different perspectives are valued and contribute to better decision-making. Programs to promote diversity are applied across the board to ensure a diverse range of voices and perspectives at all levels.

Ethics:
Ethics are at the core of Google’s culture and are the responsibility of every employee. Strong ethical practices protect the company’s reputation and ensure the well-being of users, content creators, and employees. Google’s three respects – respect for the user, respect for the opportunity, and respect for one another – guide the company’s ethical decision-making. Initiatives to use products to invest in communities focus on education, economic empowerment, and inclusion.

Mission-Oriented Company:
Google’s mission-oriented approach attracts extraordinary talent and fosters innovation. Employees are drawn to the opportunity to work on projects that have a positive impact on billions of people worldwide. This mission-driven culture is the foundation of Google’s growth and success.

Legacy:
Porat hopes her legacy at Google will be one of driving diversity, promoting ethics, and contributing to the company’s mission-oriented culture. She believes Google has the potential to continue to innovate and solve problems that benefit billions of people around the globe.

AI and Its Impact:
Ruth Porat emphasizes the transformative potential of AI, stating that it will enable solving bigger problems across various industries. She highlights examples like Waymo’s self-driving cars, which have the potential to save lives by reducing road accidents caused by human error. In healthcare, Verily’s work with disease management aims to move from reactive to proactive approaches, improving patient care.

Embracing Challenges and Learning from Mistakes:
Porat acknowledges that failure is a part of growth and encourages embracing challenges as learning opportunities. She shares her personal experience with cancer, which led her to reflect on her accomplishments and live life to the fullest without regrets. She emphasizes the importance of living in the present and pursuing passions without delays, as life can be unpredictable.

Navigating Difficult Business Decisions:
Porat describes the financial crisis as the most challenging time in her career, where she led a team advising the US Treasury during the restructuring of Fannie Mae, Freddie Mac, and AIG. She recalls the immense pressure when AIG faced a liquidity crisis and the need to make quick, tough decisions to prevent a larger economic fallout. Porat credits her years of experience in banking and working with talented teams for enabling her to effectively navigate these challenging circumstances.

The Value of Business Education and Analytics:
Addressing concerns about the relevance of business degrees, Porat believes that core roles such as marketing, finance, accounting, and operations remain critical within organizations. She highlights the importance of anchoring analysis in data, which she considers one of the most valuable skills in decision-making. Porat encourages business students to embrace analytics and pursue their passions, understanding that data-driven decision-making is essential for success.

Building Resilience and Authenticity:
Porat emphasizes the importance of resilience in facing workplace adversity, drawing from her experience during the financial crisis. She stresses the need to remain loyal and motivate others during tough times, distinguishing oneself as a leader. Porat suggests recognizing that bad days are inevitable and celebrating the good ones while developing skills to navigate challenging situations. She believes that sharing battle scars and experiences helps teams become stronger and develops pattern recognition for making tough choices.

Adaptability and Decisiveness:
Ruth Porat embraced her work with gusto and surrounded herself with exceptional people and mentors. She was decisive in pursuing new opportunities but recognized the value of changing direction based on new information.

Embracing Opportunities:
Porat shared an example from her early career at Morgan Stanley, where she helped establish the first private equity banking group on Wall Street, initially seen as a risky move. She emphasized seeking out opportunities based on genuine interest and inspiration rather than following trends.

Prioritizing Growth and Learning:
Porat remained open to learning and sought opportunities for growth throughout her career. She avoided chasing热门职业领域, recognizing that it was often too late when they became popular.

Finding Your “Highest and Best Use”:
Porat recommends actively asking for feedback on one’s “highest and best use” and remaining flexible to new roles and areas. This flexibility can lead to fresh perspectives and open more doors for growth.

The Creation of Alphabet:
Porat discussed the evolution of Google from its early days of “20% time” for innovation to the creation of moonshot factories like Google X. She described Alphabet as a continuation of this focus on innovation, allowing the founders to dedicate time to other ambitious projects.

Advice to Students and Career Changers:
Porat encouraged students not to view past experiences as sunk costs when considering career changes. She recommended leveraging previous experiences as assets that build a differentiated skill set. Porat emphasized the importance of enjoying one’s work for long-term success and motivation.

A Day in the Life at Google:
Porat described her diverse weekly schedule, moving between different Google locations and coordinating with teams across various projects. She highlighted the constant learning and mind-expanding experiences that come from working on a wide range of innovative initiatives.

Motivation and Inspiration:
Porat credited her mother’s early advice to have a career as a driving force in her professional aspirations. She emphasized the importance of having supportive mentors and sponsors who believe in one’s abilities.

Early Influences:
Ruth Porat’s parents, both immigrants who faced adversity, instilled in her the value of education and self-reliance. Her father, a Holocaust survivor, taught himself physics while fighting in the British Army, eventually earning a master’s degree despite never attending high school or college.

Educational Background:
Porat’s parents emphasized the importance of higher education, and she always assumed she would have a career. She did not initially aspire to become a CFO but excelled in her studies and took advantage of opportunities as they arose.

Starting at Morgan Stanley:
Porat began her career at Morgan Stanley, which she describes as an extraordinary place to receive training and work with exceptional individuals. She embraced the apprenticeship model, allowing senior colleagues to mentor and guide her growth.

Embracing New Opportunities:
Porat’s career progressed as she embraced new opportunities and challenges. She encourages others not to fear taking on new roles, emphasizing that the worst outcome is a valuable learning experience.

Avoiding Regrets:
Porat highlights the importance of avoiding regrets in career decisions. She cites Jeff Bezos’s example of leaving D.E. Shaw to create Amazon as a demonstration of embracing opportunities and avoiding regrets.

Embracing Risks:
Porat emphasizes the importance of taking calculated risks, especially at a young age. She quotes her grandfather’s advice: “What would you regret more, trying and failing or never trying?” This philosophy encourages individuals to seize opportunities and not let fear hold them back.

Long-Term Investment:
Porat advocates for long-term investments, citing examples of companies that failed due to short-term thinking. She highlights Google’s dual-class stock structure as a strategic advantage, allowing the company to focus on long-term goals without pressure for immediate profits. Porat describes Google’s three waves of growth: the ads business, new ventures like cloud and hardware, and experimental projects. Each wave has specific financial metrics to ensure that resources are allocated effectively, leading to sustainable growth.

Addressing Gender Bias:
Porat shares her experiences of facing gender-based discrimination and highlights the importance of speaking up against it. She emphasizes the need for women to find sponsors who believe in their abilities and advocate for them. She stresses the importance of working in a culture that embraces diversity and understands that it is both morally and strategically beneficial.

Finding Sponsors:
Porat advises aspiring professionals to earn their way to mentorship by demonstrating value and providing support to their superiors. She cautions against asking for sponsorship too early and suggests proving oneself as a trusted and reliable team member first. She recommends approaching the relationship as a two-way street, where both parties benefit from the exchange.

Early Career Advice:
Porat encourages graduates to put in the effort and go above and beyond in their first assignments. She emphasizes the importance of asking questions, seeking clarity, and anticipating potential questions from their superiors. She advises against putting too much pressure on oneself during the initial learning phase and suggests gradually adding value to the team by anticipating needs and proposing new ideas.