Starting April 4, 2011, Google co-founder Eric Schmidt will step down as CEO and will now assume the position as Executive Chairman of the company, as announced by Google in its year-end earnings report. Google co-founder Larry Page will take over as CEO from Schmidt.
Day-to-day operations will now be handled by Larry Page as CEO, co-founder Sergey Brin will be helping in strategic projects that will work on new products.
As Executive Chairman, Schmidt will now handle external functions such as getting new deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership.
Below is part of the official announcement of Google that Eric Schmidt will be replaced by Larry Page as Google CEO.
MOUNTAIN VIEW, Calif. – January 20, 2011 – Google Inc. (NASDAQ: GOOG) today announced financial results for the quarter and the fiscal year ended December 31, 2010.
“Q4 marked a terrific end to a stellar year,” said Eric Schmidt, CEO of Google. “Our strong performance has been driven by a rapidly growing digital economy, continuous product innovation that benefits both users and advertisers, and by the extraordinary momentum of our newer businesses, such as display and mobile. These results give us the optimism and confidence to invest heavily in future growth — investments that will benefit our users, Google and the wider web.”
In addition, Google has also announced plans to streamline decision making and create clearer lines of responsibility and accountability at the top of the company.
* Starting from April 4, Larry Page, Google Co-Founder, will take charge of Google’s day-to-day operations as Chief Executive Officer.
* Sergey Brin, Google Co-Founder, will devote his energy to strategic projects, in particular working on new products.
* Eric Schmidt will assume the role of Executive Chairman, focusing externally on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership–all of which are increasingly important given Google’s global reach. Internally, he will continue to act as an advisor to Larry and Sergey.
Commenting on these changes, Eric said: “We’ve been talking about how best to simplify our management structure and speed up decision making for a long time. By clarifying our individual roles we’ll create clearer responsibility and accountability at the top of the company. In my clear opinion, Larry is ready to lead and I’m excited about working with both him and Sergey for a long time to come.”
Larry said: “Eric has clearly done an outstanding job leading Google for the last decade. The results speak for themselves. There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly. Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity–we are only at the beginning and I can’t wait to get started.”