Google CEO Eric Schmidt announced Thursday that he will be stepping down from his post effective April 4, at which time co-founder Larry Page will step up to the plate to take over as CEO. So where does that leave the former Apple board member now?
The Official Google Blog announced today that CEO Eric Schmidt will be stepping down as of April 4, clearing the way for co-founder Larry Page to step into his shoes. The blog post announcing the management change was written by none other than Schmidt himself, who will remain on as Executive Chairman as well as an advisor to founders Page and Sergey Brin.
“For the last 10 years, we have all been equally involved in making decisions,” Schmidt revealed in the blog post. “This triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us. But we have also agreed to clarify our individual roles so there’s clear responsibility and accountability at the top of the company.
“Larry will now lead product development and technology strategy, his greatest strengths, and starting from April 4 he will take charge of our day-to-day operations as Google’s Chief Executive Officer,” Schmidt continued. “In this new role I know he will merge Google’s technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.”
The other Google co-founder, Sergey Brin, will “devote his time and energy to strategic projects,” while Schmidt’s role as Executive Chairman will focus where he claims he can add the “greatest value: externally, on the deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google’s global reach.”
Schmidt began his blog post talking up how Google search “has quite literally changed people’s lives,” while touting the company’s “emerging businesses” (which include display, Android, YouTube and Chrome) as being “on fire.”
The management changes were announced alongside Google’s fourth quarter 2010 fiscal results, which included revenues of $8.44 billion for the period, a year-over-year increase of 26 percent.
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