Alphabet CFO Ruth Porat leaving role to become president and chief investment officer

Ruth Porat will step down as Alphabet‘s chief financial officer and take a new role as president and chief investment officer, the company announced on Tuesday.

She took over as CFO for Google in 2015 and oversaw the transition into the company’s current Alphabet structure.

She will continue as CFO until Alphabet selects a replacement, and will continue to report to CEO Sundar Pichai, the company said.

Her new role includes overseeing Alphabet’s “other bets,” which the company categorizes as projects not focused on software or advertising, such as the self-driving car company Waymo. She will also speak with lawmakers, Alphabet said.

“In her new role, Ruth will strengthen our collaboration with policy makers and shape our corporate investments to have maximum economic impact for people and economies around the world,” Alphabet CEO Sundar Pichai said in a statement.

Before joining Google, Porat was an executive at Morgan Stanley.

Google reported second-quarter earnings on Tuesday, which beat analyst expectations for both earnings and revenue. Shares rose over 5% in extended trading.