Google CEO Eric Schmidt will step down from his role and will be replaced by co-founder Larry Page, 37, in April. Schmidt who joined Google in 2001 to become its chief executive, will stay on as executive chairman after he leaves his CEO role. This unexpected shake-up has surprised many in the tech world, as Schmidt was widely credited with maintaining Google's dominance in the internet search and advertising, software, operating system businesses, despite competition from the likes of Microsoft, Apple and Yahoo. Schmidt was brought in as CEO as investors believed the company needed a more mature leader.
According to the company, after retirement he will focus on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership. He will also continue to act as an advisor to co-founders Larry Page and Sergey Brin.
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,' Schmidt said.
Page praised Schmidt, too. '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,' Page said.
'Eric is a tremendous leader and I have learned innumerable lessons from him.'
In a Twitter message today, Schmidt wrote: 'Day-to-day adult supervision no longer needed!,'
The surprise move shocked the tech industry. Schmidt, Page and Brin have long run Google as a trio, an approach they spelled out in an 'owner's manual' included in the company's 2004 IPO filing.
'We run Google as a triumvirate,' Page and Brin wrote. 'The three of us run the company collaboratively with Sergey and me as presidents. The structure is unconventional, but we have worked successfully in this way.'
Page, Google's founding CEO, served as chief executive from 1998 to 2001. He will once again take charge of the company's day-to-day operations, and he will also be in charge of Google's product development and technology strategy. Brin, Google's other co-founder, will continue to work on Google's new projects, but will no longer serve as a company president.
Also Thursday, Google reported a quarterly profit and sales that rose from year-ago results and beat Wall Street's forecasts.
The world's online search leader said its net income in the fourth quarter rose to $2.5 billion, up 29% from a year earlier.
Google noted that new products like mobile and display advertising continue to perform very well. YouTube's revenue more than doubled in 2010.
According to the company, after retirement he will focus on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership. He will also continue to act as an advisor to co-founders Larry Page and Sergey Brin.
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,' Schmidt said.
Page praised Schmidt, too. '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,' Page said.
'Eric is a tremendous leader and I have learned innumerable lessons from him.'
In a Twitter message today, Schmidt wrote: 'Day-to-day adult supervision no longer needed!,'
The surprise move shocked the tech industry. Schmidt, Page and Brin have long run Google as a trio, an approach they spelled out in an 'owner's manual' included in the company's 2004 IPO filing.
'We run Google as a triumvirate,' Page and Brin wrote. 'The three of us run the company collaboratively with Sergey and me as presidents. The structure is unconventional, but we have worked successfully in this way.'
Page, Google's founding CEO, served as chief executive from 1998 to 2001. He will once again take charge of the company's day-to-day operations, and he will also be in charge of Google's product development and technology strategy. Brin, Google's other co-founder, will continue to work on Google's new projects, but will no longer serve as a company president.
Also Thursday, Google reported a quarterly profit and sales that rose from year-ago results and beat Wall Street's forecasts.
The world's online search leader said its net income in the fourth quarter rose to $2.5 billion, up 29% from a year earlier.
Google noted that new products like mobile and display advertising continue to perform very well. YouTube's revenue more than doubled in 2010.
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