Google Inc (NASDAQ:GOOGL)’s stock suffered a 2% hit after its CFO, Patrick Pichette’s decision to resign from his position. Google Inc (NASDAQ:GOOGL) is expecting the transition to complete in the next six months. This was mentioned in company’s latest SEC filing. While Google Inc (NASDAQ:GOOGL)’s stock dropped by more than 2% the same day, analysts on CNBC say the impact of CFO’s departure may not go that deep in the long run.
“I don’t know if it is a big shocker at Google but again since they don’t announce these things exactly ahead of time, I don’t think there is anything nefarious behind it. It’s probably just somebody that wants to get on with other things in their life. […]. If it’s an immediate departure then it is completely different. It’s an announced departure,” Jon Najarian said.
After moving from Bell Canada to Google seven years ago, Pichette helped Google Inc double up its stock price and triple up its revenues. More recently Pichette has been on the front end explaining and defending Google Inc.’s business strategies during company’s quarterly earnings calls. He has assured Google Inc. of smooth transitioning and said he would remain with Google Inc. until they find a worthy contender to step into his shoes.
In the statement that Pichette shared publicly, on Google+, he said he had been continuously working for nearly 30 years and that the time has come when he would like to spend more time with his wife and family. While he insists he loved his work at Google Inc., he said he never found a good excuse to give to his wife for not being able to spend enough time with his family.
“Working at Google is a privilege, nothing less. I have worked with the best of the best, and know that I am leaving Google in great hands. […].To be clear, I am still here. I wish to transition over the coming months but only after we have found a new Googley CFO and help him/her through an orderly transition, which will take some time,” Pichette wrote in his statement.
Even if it is a straight forward matter – as circumstances justify it is – but since Pichette has carried his company’s business philosophy and his association and leadership has brought Google Inc. so much success over the past 7 years – the 2% drop in Google Inc. stock might make some people question if the departure of such high profile key official would impact the overall business strategy of Google Inc.
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