(Reuters) - Alphabet named Anat Ashkenazi as its chief financial officer on Wednesday, leaning on the two-decade veteran of drugmaker Eli Lilly to help steer the Google parent in the generative artificial intelligence era.

Ashkenazi will succeed Ruth Porat, the long-time Alphabet CFO whose transition to the role of investment chief was unveiled in July 2023 after years of strong growth at the company.

The latest executive change comes at a crucial time for Alphabet.

The company has been investing billions of dollars in AI to compete better with Microsoft and grab a share of what is widely seen as the tech industry's next growth driver.

"The AI era is giving us an incredible opportunity to innovate at scale across our core products. I look forward to working with Anat as we invest responsibly to support our next wave of growth," Alphabet CEO Sundar Pichai said.

Ashkenazi's appointment is effective July 31 and Porat will continue as CFO until Ashkenazi starts, including through the company's second-quarter earnings.

Lilly said earlier on Wednesday that Ashkenazi was stepping down as finance chief.

Ashkenazi joined Lilly in 2001 and has held several positions at the U.S. drugmaker. Before taking up the role of CFO, Ashkenazi was finance chief and controller of Lilly Research Laboratories where she oversaw the finance heads for several of the company's commercial businesses.

During Ashkenazi's tenure, Lilly has launched several treatments - including the widely popular diabetes treatment Mounjaro which is also approved for weight loss.

Ashkenazi will continue to serve at full capacity in her role and as a member of Lilly's executive committee through July 2024, Lilly said, adding that an internal and external search for CFO is underway.