Google will soon have a new CEO. Oh, and the company earned $2.5 billion in the fourth quarter of 2010, a 29 percent increase over the previous year.
But it was the news that co-founder Larry Page will become CEO on April 4 that caught everyone off guard when the search giant announced its financial results. Everyone expects Google to make gobs of money each quarter. No one seemed to anticipate that current CEO Eric Schmidt would be ending his 10-year run in the job.
A post by Schmidt on Google's official blog outlines the changes:
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.
Sergey has decided to devote his time and energy to strategic projects, in particular working on new products. His title will be Co-Founder. He's an innovator and entrepreneur to the core, and this role suits him perfectly.
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.
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