Google CFO to retire by end of year
EmptyMOUNTAIN VIEW, Calif. -- Google Inc. said Tuesday that its chief financial officer will retire by the end of the year, creating the highest-ranking job opening at the Internet search leader since it went public three years ago.
George Reyes, Google's CFO since 2002, will stay on the job while he helps the Mountain View-based company find his successor. The transition is expected to be completed before January.
In a statement announcing his decision, Reyes, 53, didn't say why he decided to retire.
"Working at Google these past 5 1/2 years has been an extraordinary ride," Reyes said. "I'm honored and flattered to have been a part of this great management team. I know I'm leaving the company in good hands with a remarkable team of professionals that will continue to build on Google's tremendous achievements."
As the executive in charge of Google's books, Reyes played an instrumental role in steering the company through its much-ballyhooed initial public offering in August 2004.
Google's stock price has soared by nearly six-fold since then, creating more than $130 billion in shareholder wealth. Google shares fell $6.86 Tuesday to $506.40.
The company's high-flying stock has enriched Reyes, as well as thousands of other employees whose compensation packages included lucrative stock options.
Google Chairman Eric Schmidt applauded Reyes' contributions. "Though we fully appreciate his decision to step back from active management, we'll miss his thoughtfulness, good humor and wisdom," Schmidt said.