This updates a story published at 5:44 P.M. EDT with the full text of Pichette's statement about his retirement decision.
SAN DIEGO, CALIF. (TheStreet) -- Google's (GOOG) - Get Alphabet Inc. Class C Report (GOOGL) - Get Alphabet Inc. Class A Report Chief Financial Officer, Patrick Pichette, who is also a key member of the company's five-person executive team, is retiring from the search giant after nearly seven years of service.
Pichette's exit was announced in a Securities and Exchange Commission filing Tuesday. The document notes that the date of his retirement has yet to be determined. Pichette will assist in the search of a new CFO, and the transition is expected to take place in the next six months, according to the SEC filing.
The exact reason for Pichette's relatively early retirement -- he is 52 yeas-old, according to Yahoo Finance -- is not known. Pichette disclosed privately to staffers that he wanted to spend more time with his family, according to media outlet Re/Code.
Pichette also published a lengthy statement about his retirement decision on Google+, of which the full text can be read on the next page.
Google shares finished down 2.4% at $555.01 during regular trading hours. The search company filed Pichette's retirement announcement with the SEC after the markets closed and its shares were off marginally in after-hours trading.
The announcement comes as the search giant attempts to return growth to its core business, display advertising, which has been hampered by consumers' changing search behaviors, particularly on mobile. The company missed estimates for its fourth quarter, earning an adjusted $6.88 a share on $18.1 billion in revenue, compared against the consensus estimate of $7.12 a share in earnings on $18.46 billion in revenue.
During the earnings call, Pichette tried to downplay the potential for lost business should the company lose its place as the default search engine on Apple's (AAPL) - Get Apple Inc. (AAPL) Report browser Safari, which could happen if the companies opt not to renew their deal this year. Google search, Pichette said, is the default in consumers' hearts and minds. "[T]he second piece is the way to win this in the long term, right, it's very simple," Pichette said. "You just make wonderful products. And when you make wonderful products that are magical, people will find them," he said.
Prior to joining Google, Pichette served as executive vice president of planning and performance management at Bell Canada.
Below is Pichette's statement about his decision to retire, as it appeared on his Google+ page. Note he publicly shared the announcement after the markets had closed at 1:50 P.M PST:
Shared publicly - 1:50 PM
After nearly 7 years as CFO, I will be retiring from Google to spend more time with my family. Yeah, I know you've heard that line before. We give a lot to our jobs. I certainly did. And while I am not looking for sympathy, I want to share my thought process because so many people struggle to strike the right balance between work and personal life.
This story starts last fall. A very early morning last September, after a whole night of climbing, looking at the sunrise on top of Africa - Mt Kilimanjaro. Tamar (my wife) and I were not only enjoying the summit, but on such a clear day, we could see in the distance, the vast plain of the Serengeti at our feet, and with it the calling of all the potential adventures Africa has to offer. (see exhibit #1 - Tamar and I on Kili).
And Tamar out of the blue said "Hey, why don't we just keep on going". Let's explore Africa, and then turn east to make our way to India, it's just next door, and we're here already. Then, we keep going; the Himalayas, Everest, go to Bali, the Great Barrier Reef... Antarctica, let's go see Antarctica!?" Little did she know, she was tempting fate.
I remember telling Tamar a typical prudent CFO type response- I would love to keep going, but we have to go back. It's not time yet, There is still so much to do at Google, with my career, so many people counting on me/us - Boards, Non Profits, etc
But then she asked the killer question: So when is it going to be time? Our time? My time? The questions just hung there in the cold morning African air.
A few weeks later, I was happy back at work, but could not shake away THE question: When is it time for us to just keep going? And so began a reflection on my/our life. Through numerous hours of cycling last fall (my introvert happy place) I concluded on a few simple and self-evident truths:
First, The kids are gone. Two are in college, one graduated and in a start-up in Africa. Beautiful young adults we are very proud of. Tamar honestly deserves most of the credit here. She has done a marvelous job. Simply marvelous. But the reality is that for Tamar and I, there will be no more Cheerios encrusted minivan, night watch because of ear infections, ice hockey rinks at 6:00am. Nobody is waiting for us/needing us.
Second, I am completing this summer 25-30 years of nearly non-stop work (depending on how you wish to cut the data). And being member of FWIO, the noble Fraternity of Worldwide Insecure Over-achievers, it has been a whirlwind of truly amazing experiences. But as I count it now, it has also been a frenetic pace for about 1500 weeks now. Always on - even when I was not supposed to be. Especially when I was not supposed to be. And am guilty as charged - I love my job (still do), my colleagues, my friends, the opportunities to lead and change the world.
Third, this summer, Tamar and I will be celebrating our 25th anniversary. When our kids are asked by their friends about the success of the longevity of our marriage, they simply joke that Tamar and I have spent so little time together that "it's really too early to tell" if our marriage will in fact succeed.
If they could only know how many great memories we already have together. How many will you say? How long do you have? But one thing is for sure, I want more. And she deserves more. Lots more.
Allow me to spare you the rest of the truths. But the short answer is simply that I could not find a good argument to tell Tamar we should wait any longer for us to grab our backpacks and hit the road - celebrate our last 25 years together by turning the page and enjoy a perfectly fine mid life crisis full of bliss and beauty, and leave the door open to serendipity for our next leadership opportunities, once our long list of travels and adventures is exhausted.
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. I have made so many friends at Google it's not funny. Larry, Sergey, Eric, thank you for friendship. I am forever grateful for letting me be me, for your trust, your warmth, your support, and for so much laughter through good and not so good times.
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.
In the end, life is wonderful, but nonetheless a series of trade offs, especially between business/professional endeavours and family/community. And thankfully, I feel I’m at a point in my life where I no longer have to have to make such tough choices anymore. And for that I am truly grateful. Carpe Diem.