Google CFO announces retirement

Google announced last month that chief financial officer (CFO) George Reyes is retiring and leaving the world’s most popular search company later this year. Reyes said he plans to stay on board to assist Google in the search for his successor.

“As Google’s CFO, George successfully navigated our innovative IPO, the regulatory demands of Sarbanes-Oxley, and the management challenges of scaling a global finance organisation,” Google chairman and CEO Eric Schmidt said in a statement. “Though we fully appreciate his decision to step back from active management, we'll miss his thoughtfulness, good humour, and wisdom.”

Google executives said they expect to have a new CFO in place by the end of the year. But CFOs aren’t easy to find. According to a survey by consultancy Right Management, it takes 34 per cent of organisations three to five months to find a replacement CFO. Twenty per cent of organisations require six to 12 months to find a replacement, and only 22 per cent find one in less than a month.

In his official statement, Reyes said: “I’m honoured 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.”

A few hours after the announcement, Google's shares slipped 1.3 per cent.