• Alphabet's new chief financial officer is Anat Ashkenazi, who will join the company after more than two decades at pharmaceutical giant Eli Lilly.
• Ashkenazi will replace current CFO Ruth Porat, effective July, as the latter shifts to a new role as president and chief investment officer of Google.
• Google's finance unit has undergone restructuring as the company devotes more resources to the AI race.

Eli Lilly Chief Financial Officer Anat Ashkenazi will become Alphabet's new CFO effective July 31, Google's parent company saidTuesday, almost a year after Alphabet announced that current CFO Ruth Porat would move into a new role as president and chief investment officer.

Ashkenazi had a 23-year career at Eli Lilly, which confirmed her departure in a separate release.

"We're very pleased to have found such a strong CFO, with a track record of strategic focus on long-term investment to fuel innovation and growth," Alphabet CEO Sundar Pichai said in a release.

Ashkenazi joined Eli Lilly in 2001 and has been CFO since 2021. She will continue to serve on the pharmaceutical company's executive committee until her departure. She previously served as CFO for several of the company's global business areas, helping manage the revenue windfall from Eli Lilly's weight loss and diabetes drugs.

Porat had a nearly three-decade career as an investment banker at Morgan Stanley, culminating as its CFO, before joining Google in 2015. She helped Google grow into one of the most valuable companies in the world. The company has recently contended with threats ranging from the artificial intelligence race to antitrust investigations.

The leadership shuffle has long been in the works. Google announced in 2023 that Porat would step down and has since been searching for her successor.

Google's finance unit has been grappling with other changes in recent months as well. Porat announced earlier this year that Google was restructuring its finance unit as the company pushed to favor investments in AI, CNBC previously reported, with layoffs and relocations that would impact teams worldwide.

Google's "old guard" has experienced shifts beyond just Porat, CNBC has previously detailed. YouTube CEO Susan Wojcicki, former Chief Business Officer Robert Kyncl and widely respected AI authority Geoffrey Hinton are among those who have departed or announced their departure since 2023.

Disclosure: Anat Ashkenazi is a member of CNBC's CFO Council.

— CNBC's Jenn Elias and Annika Kim Constantino contributed to this report.