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Google Imports New CFO Ruth Porat from Wall Street

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This 2012 photo provided by Morgan Stanley shows outgoing Chief Financial Officer Ruth Porat. Morgan Stanley on Tuesday, March 24, 2015 announced that Porat is leaving the New York investment bank for the same job at Google. (AP Photo/Camera 1 via Morgan Stanley, Larry Lettera)

This 2012 photo provided by Morgan Stanley shows outgoing Chief Financial Officer Ruth Porat. Morgan Stanley on Tuesday, March 24, 2015 announced that Porat is leaving the New York investment bank for the same job at Google. (AP Photo/Camera 1 via Morgan Stanley, Larry Lettera)

MICHAEL LIEDTKE, AP Technology Writer

SAN FRANCISCO (AP) — Google has lured away Morgan Stanley’s chief financial officer, Ruth Porat, to be its CFO at a time when the Internet search leader and its Silicon Valley peers are under fire for hiring and promoting too few women.

The appointment announced Tuesday fills a void that opened earlier this month after Google’s CFO of the past seven years, Patrick Pichette, announced his plans to retire.

Porat, 58, will become Google’s highest-ranking female executive when she starts her new job on May 26. Her last day at Morgan Stanley will be April 30, ending a 28-year career at the New York investment bank.

Google Inc. and other Silicon Valley heavyweights, including Apple Inc. and Facebook Inc., are trying to add more women to their payrolls. The push began during the past 10 months after the companies released data revealing that women only filled 15 to 20 percent of the tech jobs, which tend to pay the most.

Kleiner Perkins, a venture capital firm that has financed Google and other prominent technology companies, is currently embroiled in a San Francisco trial that is airing embarrassing allegations of sexual discrimination. In the past week, sexual discrimination lawsuits have been filed by women who formerly worked at Facebook and Twitter.

Porat’s defection from a top job on Wall Street serves as the latest reminder of the technology industry’s allure as its products reshape culture and enrich the companies creating them.

Google has been at the forefront of upheaval during the past 15 years. Besides building the Internet’s dominant search engine and digital ad network, the Mountain View, California, company also boasts the top mobile operating system in Android and the most popular video site in YouTube, as well as the popular Chrome browser and Gmail service.

The success has spawned three multibillionaires — Google CEO Larry Page, co-founder Sergey Brin and Executive Chairman Eric Schmidt. Thousands of other Google employees, including its former chef and masseuse, have become millionaires.

Google, which started in 1998 in a Silicon Valley garage after raising $100,000, now has a market value of nearly $400 billion. Morgan Stanley, founded in 1935, has a market value of about $72 billion.

The terms of Porat’s contract at Google weren’t immediately disclosed. She received compensation valued at $10.1 million from Morgan Stanley in 2013. Pichette received compensation valued at $5.2 million in the same year.

Porat, Morgan Stanley’s CFO since 2010, won Wall Street’s respect for helping the bank regain its financial stability after sinking into deep trouble along with much of the rest of the financial-services industry during the Great Recession. Her investor-friendly attitude fed speculation that Google may be more apt to return some of its $64 billion in cash to shareholders, either through dividends or by buying back stock.

Porat has California roots and connections on Google’s board of directors.

Although Porat was born in England, her father was a physicist who spent 26 years working at Stanford University, where she received her undergraduate degree in economics and international relations in 1979.

She also sits on Stanford’s board of trustees with two members of Google’s board, K. Ram Shriram and John Hennessy. Hennessy, who is also Stanford’s president, is Google’s lead independent director.

Google’s shares rose $12.17 to close Tuesday at $577.54. The stock has been lagging the overall market for the past 15 months, partly because of investors’ frustration with Google’s history of spending heavily on far-flung projects, such as driverless cars and Internet-connected glasses, which may take years to pay off.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Activism

OP-ED: AB 1349 Puts Corporate Power Over Community

Since Ticketmaster and Live Nation merged in 2010, ticket prices have jumped more than 150 percent. Activities that once fit a family’s budget now take significant disposable income that most working families simply don’t have. The problem is compounded by a system that has tilted access toward the wealthy and white-collar workers. If you have a fancy credit card, you get “presale access,” and if you work in an office instead of a warehouse, you might be able to wait in an online queue to buy a ticket. Access now means privilege.

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Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland
Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland

By Bishop Joseph Simmons, Senior Pastor, Greater St. Paul Baptist Church, Oakland

As a pastor, I believe in the power that a sense of community can have on improving people’s lives. Live events are one of the few places where people from different backgrounds and ages can share the same space and experience – where construction workers sit next to lawyers at a concert, and teenagers enjoy a basketball game with their grandparents. Yet, over the past decade, I’ve witnessed these experiences – the concerts, games, and cultural events where we gather – become increasingly unaffordable, and it is a shame.

These moments of connection matter as they form part of the fabric that holds communities together. But that fabric is fraying because of Ticketmaster/Live Nation’s unchecked control over access to live events. Unfortunately, AB 1349 would only further entrench their corporate power over our spaces.

Since Ticketmaster and Live Nation merged in 2010, ticket prices have jumped more than 150 percent. Activities that once fit a family’s budget now take significant disposable income that most working families simply don’t have. The problem is compounded by a system that has tilted access toward the wealthy and white-collar workers. If you have a fancy credit card, you get “presale access,” and if you work in an office instead of a warehouse, you might be able to wait in an online queue to buy a ticket. Access now means privilege.

Power over live events is concentrated in a single corporate entity, and this regime operates without transparency or accountability – much like a dictator. Ticketmaster controls 80 percent of first-sale tickets and nearly a third of resale tickets, but they still want more. More power, more control for Ticketmaster means higher prices and less access for consumers. It’s the agenda they are pushing nationally, with the help of former Trump political operatives, who are quietly trying to undo the antitrust lawsuit launched against Ticketmaster/Live Nation under President Biden’s DOJ.

That’s why I’m deeply concerned about AB 1349 in its current form. Rather than reining in Ticketmaster’s power, the bill risks strengthening it, aligning with Trump. AB 1349 gives Ticketmaster the ability to control a consumer’s ticket forever by granting Ticketmaster’s regime new powers in state law to prevent consumers from reselling or giving away their tickets. It also creates new pathways for Ticketmaster to discriminate and retaliate against consumers who choose to shop around for the best service and fees on resale platforms that aren’t yet controlled by Ticketmaster. These provisions are anti-consumer and anti-democratic.

California has an opportunity to stand with consumers, to demand transparency, and to restore genuine competition in this industry. But that requires legislation developed with input from the community and faith leaders, not proposals backed by the very company causing the harm.

Will our laws reflect fairness, inclusion, and accountability? Or will we let corporate interests tighten their grip on spaces that should belong to everyone? I, for one, support the former and encourage the California Legislature to reject AB 1349 outright or amend it to remove any provisions that expand Ticketmaster’s control. I also urge community members to contact their representatives and advocate for accessible, inclusive live events for all Californians. Let’s work together to ensure these gathering spaces remain open and welcoming to everyone, regardless of income or background.

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Alameda County

OPINION: Argent Materials Oakland CleanTech Community Asset Helps Those In Need

Alameda County Supervisor Lena Tam had this to say about Argent Materials as an Oakland community asset:  “Congratulations to Argent Materials and its President and Founder, Bill Crotinger! The company is now fully operational, recycling an impressive 99.99% of concrete and asphalt debris, which helps divert thousands of tons of construction waste from landfills. They are also proud to announce that 50% of their team consists of local hires. In celebration of Thanksgiving, and despite stormy weather last week, the Alameda County Sheriffs, alongside Mr. Crotinger and Argent Materials’ dedicated staff distributed turkeys and pies as a heartfelt gesture of gratitude to the community.”  

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Photo courtesy Argent Materials, Inc.

Zennie Abraham
CEO, Zennie62Media

Argent Materials, the Oakland business that turns old concrete and asphalt into new construction products, generally goes by “Argent Materials Oakland CleanTech” but should be called “Argent Materials East Oakland CleanTech for The Community”.  Here’s why.

First, Argent Materials is located at 8300 Baldwin St, right in the Coliseum Industrial Zone, just a three-minute drive from the Oakland-Alameda County Coliseum Complex.  That’s in East Oakland, and just a city-block walk from the Oakland Coliseum BART Station.

Second, Argent Materials has been a friend to East Oakland and what some, like the members of the Oakland Private Industry Council, would call a “community asset”.  In 2024, Argent Materials founder and President Bill Crotinger was named Leader of the Year by the Oakland Private Industry Council (OPIC) “I was humbled and honored to be named Leader of the Year by the Oakland Private Industry Council. Truly an honor. My heartfelt thanks to my friend and mentor Pastor Raymond Lankford and all the wonderful people at OPIC.”

Alameda County Supervisor Lena Tam had this to say about Argent Materials as an Oakland community asset:  “Congratulations to Argent Materials and its President and Founder, Bill Crotinger! The company is now fully operational, recycling an impressive 99.99% of concrete and asphalt debris, which helps divert thousands of tons of construction waste from landfills. They are also proud to announce that 50% of their team consists of local hires. In celebration of Thanksgiving, and despite stormy weather last week, the Alameda County Sheriffs, alongside Mr. Crotinger and Argent Materials’ dedicated staff distributed turkeys and pies as a heartfelt gesture of gratitude to the community.”

ABI Foundry reports that Argent Materials led a community clean up for the residents and businesses of Russett Street as well as San Leandro Street.  An ABI Foundry team member said “Bill Crotinger at Argent Materials spearheaded the initiative to clean San Leandro street, from Hegenburger to 98th Ave. along the side of BART. AB&I enjoyed participating along with Acts Full Gospel C.O.G.I.C (Men of Valor), Good Hope Missionary Baptist Church-Oakland (Reverend Michael Jones) and Argent Materials. You should see how it looks now. It is AMAZING! It takes an ambitious mind to make a difference block by block.”

What Is Cleantech And Why Is It Important to Oakland And Argent Materials?

Clean technology (Clean Tech) refers to products, services, and processes that mitigate negative environmental impacts by increasing energy efficiency, promoting resource sustainability, and minimizing waste and pollution, ultimately contributing to a low-carbon, and more sustainable economy.

What is The Clean Tech of Argent Materials of Oakland?

In Argent Materials’ context, “cleantech” refers to their sustainable business model which includes recycling concrete and asphalt into new aggregate materials, diverting waste from landfills, and using renewable diesel for their fleet to achieve carbon neutrality and protect the environment. This business approach Argent Materials uses aligns with the broader definition of cleantech, which involves products, services, and processes that reduce negative environmental impacts through resource efficiency and environmental protection

Clean Tech, or green tech as Argent Materials of Oakland does it, is defined as any technology that minimizes negative environmental impact by reducing human consumption of natural resources and by promoting more sustainable and efficient resource use.

Argent Materials will continue to be a cleantech community asset to Oakland well into the future.

Stay tuned.

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Activism

Golden State Warriors Program Is Inspiring Next Generation of Female Engineers

Breaking down barriers and biases that deter young girls from pursuing STEAM subjects is essential for creating a level playing field and ensuring equal opportunities for all. By challenging stereotypes and promoting a culture of inclusivity and diversity in STEAM fields, experts believe young girls can be empowered to pursue their interests and aspirations without limitations confidently. Encouraging mentorship, providing access to resources, and celebrating girls’ achievements in STEAM are all crucial steps in creating a supportive environment that fosters success.

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Front Row: UC Berkeley Steel Bridge Team Back Row: Girls, Inc. Participants. Photo courtesy of the Golden State Warriors.
Front Row: UC Berkeley Steel Bridge Team Back Row: Girls, Inc. Participants. Photo courtesy of the Golden State Warriors.

By Y’Anad Burrell

The Golden State Warriors and e-commerce giant Rakuten are joining forces to inspire the next generation of female engineers through Building STEAM Futures, part of The City Calls campaign.

Organizers say the initiative is founded on the idea that science, technology, engineering, arts, and mathematics (STEAM) are crucial fields for innovation and progress, and empowering young girls to pursue careers in these areas is more important than ever. Studies consistently show that girls are underrepresented in STEAM fields, resulting in a gender disparity that limits potential and hinders diversity.

Breaking down barriers and biases that deter young girls from pursuing STEAM subjects is essential for creating a level playing field and ensuring equal opportunities for all. By challenging stereotypes and promoting a culture of inclusivity and diversity in STEAM fields, experts believe young girls can be empowered to pursue their interests and aspirations without limitations confidently. Encouraging mentorship, providing access to resources, and celebrating girls’ achievements in STEAM are all crucial steps in creating a supportive environment that fosters success.

On Saturday, March 8, International Women’s Day, the Warriors and Rakuten hosted 20 middle school girls from Girls Inc. of Alameda County at Chase Center’s Above the Rim for a hands-on bridge-building experience. The young girls from Girls, Inc. of Alameda County had an opportunity to design, build and test their own bridge prototypes and learn the fundamentals of bridge construction from the Engineering Alliance and the UC Berkeley Steel Bridge Team.

This STEAM experience for the girls followed the first session in January, where they took a behind-the-scenes tour of the Golden Gate Bridge, learning about its design and construction from industry experts. The City Calls campaign, tipped off with the unveiling the Warriors’ new bridge-themed City Edition jerseys and court design earlier this year.

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