On January 20, 2010, Google announced that Eric Schmidt will step down as the head of Google and his place will be taken up by Larry Page, the co-founder of Google. Schmidt will be replaced in April 2011.
Eric Schmidt has been serving as Google’s CEO since August 2001, when Kleiner Perkins, one of the chief investors of Google, insisted that the company should be under “adult supervision” as it was preparing for an IPO. The venture capitalists that invested in Google thought that Google’s IPO would be successful if the investors see Google is being led by an experienced Silicon Valley executive. Over the years, Larry Page, Eric Schmidt and Sergey Brin jointly looked after the company and Schmidt was responsible for executive decisions.
In a post at the official Google blog, Eric Schmidt said,
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. 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.
Mr. Schmidt will serve as Executive Chairman while Sergey Brin would work on various strategic projects and will remain as “Co-Founder.” Schmidt referred Brin as “an innovator and entrepreneur to the core and his role suits him perfectly.”
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