Search king Google has crowned a new exec who hails from the telecommunications industry.
But don’t make any leaps to conclusions about its mobile ambitions just yet, warns an analyst.
“We do not view the appointment of a CFO with telecommunications experience as implying that Google intends to play an active role in building out a wireless network,” Goldman Sachs analyst James Mitchell wrote in a note to clients on Wednesday.
Google at close of markets Wednesday announced it picked up Patrick Pichette, former president of operations at Bell Canada, to become the company’s chief financial officer.
In his tenure at Bell Canada, Mr. Pichette held numerous executive seats, including the chief financial officer spot from 2002 to 2003. He also served as a partner at consulting firm McKinsey & Co., where he led a telecommunications group.
Mr. Pichette starts at Google on August 1. He takes the place of George Reyes, who announced plans to retire August 2007.
"Patrick brings the expertise and track record of a successful CFO, along with the hands-on business experience of a seasoned operations executive," Google CEO Eric Schmidt said in a statement.
Shares of Google declined $22.18, or 4 percent, at $528.82.