Good morning, Broadsheet readers! Can you feel that? It’s the power shifting from Wall Street to Silicon Valley, as Ruth Porat leaves Morgan Stanley for Google. Also in the news: The Ellen Pao-Kleiner Perkins trial is nearing its conclusion, we learn more about the causes of the pay gap, and everyone is still buzzing about Angelina Jolie’s op-ed. Enjoy your Wednesday.
EVERYONE'S TALKING
• Chalk one up for the Valley. One of the most powerful women on Wall Street is about to become a heavy hitter in Silicon Valley. Ruth Porat is stepping down as CFO of Morgan Stanley, in order to take the same post with Google. The move underscores how the balance of power--and talent--is shifting from finance to technology. “Smart people go to where they feel there is the most growth,” said Robert Reffkin, who left Goldman Sachs in 2012 to found a real estate start-up. New York Times
ALSO IN THE HEADLINES
• Who would pay Pao? Closing arguments were heard yesterday in Ellen Pao's gender discrimination case against Kleiner Perkins. Her attorney called the VC firm a "boys' club" that "retaliated against Ellen Pao because she is a woman." Kleiner Perkins's lawyer shot back, saying: "This is the case of an employee who was never suited for the role of investing partner, an employee who never had a skill set." Meanwhile, Fortune's Dan Primack wonders who exactly would get stuck with the bill, should the VC firm end up losing. The answer is more complicated than you might think.
• Doctor-approved. A number of cancer doctors came out in support of Angelina Jolie's decision to have her ovaries and fallopian tubes removed to avoid the risk of ovarian cancer. Doctors say they hope it will spark discussions about risk-reducing surgeries, and improve access to these procedures for people who would benefit."She is doing a lot of good for women worldwide by raising awareness of BRCA testing and options women have," says Dr. Robert DeBernardo, a gynecologic oncologist at the Cleveland Clinic’s Ob/Gyn & Women’s Health Institute. Reuters
• Unlucky boss. University of Virginia president Teresa Sullivan has persevered through an aborted coup, the aftermath of two student murders, Rolling Stone's explosive story about an alleged fraternity-house gang rape, and the recent bloody arrest of a black student by white officers. Fortune's Pattie Sellers talks with Sullivan about managing in the maelstrom and assesses: Is she the leader that crisis-plagued UVA needs? Fortune
• Nursing her battle scars. Jill Abramson, who drew global attention when she was fired as executive editor of The New York Times, writes about returning to Harvard University, her alma mater, as a visiting lecturer. "It’s heaven," writes Abramson. "What better salve for a battle-scarred reporter and editor than to be reminded of what made me fall in love with journalism in the first place." Abramson may have found bliss at Harvard, but with a new book deal and plans to launch a startup with Steven Brill, I doubt we've lost her to the ivory towers for good. Harvard Gazette
• Parsing the pay gap. A new study from the Federal Reserve Bank of New York digs into the reasons female executives are paid less than male counterparts. The report finds that vast majority of the pay disparity (93%) comes down to women getting less incentive pay. Bloomberg
MOVERS AND SHAKERS: Chandini Portteus will become the next president and CEO of the Livestrong Founation, a nonprofit that supports people affected by cancer. Previously, she was chief mission offer at Susan G. Komen.
IN CASE YOU MISSED IT
• Teeing up a post-golf plan. Former pro golfer Annika Sorenstam has transitioned into a profitable post-retirement business career. Sorenstam -- who now has her own golf academy, course design firm, clothing line and financial advisory group -- talks about how difficult it was to find a female athlete to turn to for business inspiration. Fortune
• Hard Knox? Italy’s Supreme Court will decide today whether to uphold the 2007 murder conviction of Amanda Knox. If the conviction stands, look for a possible legal battle over Knox's extradition. Time
• Studying STEM. UC Hastings College of the Law professor Joan C. Williams writes about new research into the low numbers of women in science, technology, engineering and math (aka, STEM). The study, based on a survey of female scientists, finds that it's bias, not personal choices or pipeline issues, that pushes women out of these fields. Harvard Business Review
• Mystery blooms. Former White House head florist Laura Dowling is no longer working for the First Family, and no one seems to know why. Dowling reportedly was escorted out of the building in February, and her unexpected exit has the D.C. rumor mill abuzz. Washington Post
• Talking big. Caryl Rivers and Rosalind C. Barnett, authors of a new book on the barriers faced by women in business, use the Ellen Pao-Kleiner Perkins case as a lens to examine how the sexes are judged differently for the way they communicate. The writers' conclusion? "When men talk, people see them as powerful," say Rivers and Barnett. "When women talk, people see them as incompetent and unsuited for leading." Re/Code
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QUOTE
Mulder, it's me. Are you ready?
Actor Gillian Anderson, tweeting about yesterday's announcement that 'The X-Files' will return for six new episodes.
