Alphabet today announced it has appointed John L. Hennessy as the new chair of its board. The confirmation on this came as part of Alphabet’s earnings report for Q4, 2017, which saw the company filing $32.3 billion in revenue and $7.6 billion in operating income for the quarter.
Per Alphabet’s statement, Hennessy moves to Executive Chairman of the Board of Directors after having been a member of the board since 2004. Following which, in 2007 Hennessy was also appointed Lead Independent Director – an aspect which will have likely aided Hennessy when being considered for the new post. In either case, and as a result of this appointing, Hennessy now assumes the position made vacant in December of 2017 when the then-executive chairman and former Google CEO, Eric Schmidt, resigned citing “the time is right in Alphabet’s evolution for this transition.” While Schmidt did step down from the executive chairman position, it was at the time confirmed Schmidt would remain a member of the board while also adopting a new going forward position as ‘technical advisor’ to the company.
As for Alphabet’s fourth quarter results in general, they do initially appear to be mixed results although that is only when taken on face value. As while Alphabet did post $32 billion in revenue (which the company states represents a 24-percent increase year-over-year) of which more than $27 billion came directly from Google’s ad-based revenue, and $7 billion in operating income (which again also represented a 24-percent jump year-over-year), Alphabet did also post a $3 billion net income loss overall – compared to the $5 billion profit announced the year before. The reason stated for this discrepancy is the earnings report accounts for a $9.9 billion tax expense incurred by the company as a result of the recently enacted ‘Tax Cuts and Jobs Act’ (Tax Act). In addition, the earnings report does also take into consideration a $2.7 billion fine issued by the European Commission which brought Alphabet’s 2017 operating income down to $26.1 billion from what would have been a $28.8 billion operating income otherwise. As to be expected Other Bets also realized a loss in the fourth quarter of 2017 although not quite as much of a loss compared to the fourth quarter of 2016.
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