By Justin Lee, January 21, 2011
(WEB HOST INDUSTRY REVIEW) -- Google (www.google.com) revealed in a conference call Friday that company CEO Eric Schmidt will step down from his position and assume the role of chairman while cofounder Larry Page moves up to CEO.
Schmidt said he and Google's founders are currently laying out the details of their management roles. He wrote about the move in a blog post on the company's blog:
"As executive chairman, I will focus wherever I 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 and internally as an advisor to Larry and Sergey [Brin]."Schmidt said the restructuring in management will produce "even better success" for the company. However, many analysts are skeptical as to whether Page is ready to take on Google's top position.
Brin, Google's second co-founder, will change from co-founder and president of technology to just co-founder.
As a result, Brin will spend more time on strategic projects with a focus on new products.
The company also announced its financial results for the fourth quarter of 2010 and for the full year in the conference call, which saw an increase in revenues.
Google saw $29.3 billion in revenue for 2010, with a net income of about $8.5 billion. Meanwhile, its full-year diluted earnings-per-share were $26.31.
Page squashed recent speculation that its acquisition of carrier hotel 111 8th Ave. in New York City last month is Google's attempt to gain more control over Internet infrastructure.
He explained that the building was purchased because the company is in need of office space.Schmidt has submitted an SEC filing to prepare a stock sale valued at about $334 million, which are set to take place over a one year period.
According to the filing, "Eric intends to sell approximately 534,000 shares of Class A common stock."
Source : http://www.thewhir.com/web-hosting-news/012111_Google_CEO_Eric_Schmidt_Steps_Down_Cofounder_Larry_Page_Takes_Over permitted republishing here
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