Jay Yarow | Business Insider
Eric Schmidt is stepping down as CEO of Google, and Larry Page is taking over the company just announced in its earnings release.
Schmidt will become Executive Chairman focused on, “deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership,” the company says.
Google’s other cofounder, Sergey Brin will take a more active role in strategic projects including product.
Eric Schmidt joked about the switch on Twitter, saying, “Day-to-day adult supervision no longer needed!”
In a blog post on the move, Schmidt says,”Larry, in my clear opinion, is ready to lead.”
He also says, “managing the business has become more complicated,” and Google wanted to “speed up decision making.”
This news came out of nowhere, as reflected in the stocks movement after-hours. It spiked on strong earnings, then fell back, and is now up around 1%. Investors, along with the rest of the tech world are trying to make sense of the news.
Our snap reaction: This is not a loss for Google. Increasingly, it has seemed like Schmidt was mostly an ambassador for Google speaking with media and at conferences. Our understanding is that Brin and Page have been driving most of the major strategic decisions for a while.
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See Also:
- LIVE ANALYSIS: Google Earnings Solid, Schmidt Out As CEO
- Eric Schmidt: Google’s Policy Is To “Get Right Up To The Creepy Line And Not Cross It”
- Seriously? Eric Schmidt Thinks There Should Be No Anonymity Online?
The original version of the story appears here: http://www.businessinsider.com/eric-scmidt-out-as-google-ceo-2011-1
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