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Google shook up its ruling triumvirate today, announcing that CEO Eric Schmidt would be taking the role of executive chairman, while co-founder Larry Page will become CEO. Sergey Brin, who has also shared power with the two others, will work on "strategic projects," Google said.
Schmidt, who was hired by the co-founders to be Google's CEO in 2001, will focus on external partnerships and business deals starting on April 4, when Page will take over the day-to-day management role. Page was Google's first CEO, and Schmidt said in a blog post that Page "in my clear opinion, is ready to lead."
Brin will continue to focus on technology products, assuming the title of co-founder as opposed to his current role of president, technology. "He's an innovator and entrepreneur to the core, and this role suits him perfectly," Schmidt wrote in his post.
"As Google has grown, managing the business has become more complicated. So Larry, Sergey, and I have been talking for a long time about how best to simplify our management structure and speed up decision making--and over the holidays we decided now was the right moment to make some changes to the way we are structured," Schmidt wrote in his post.
Google dropped the news in announcing fourth-quarter earnings results. Revenue minus traffic acquisition costs was $6.37 billion, ahead of analyst estimates. Net income for the quarter was $2.54 billion, or $2.85 billion excluding one-time charges. Analysts were expecting earnings per share excluding charges of $8.09, and they got $8.75 from Google.
A conference was scheduled for 1:30 p.m. PST to discuss the earnings results, but it's pretty clear what will dominate the conversation. We'll update as we learn more.
More to come...
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Schmidt, who was hired by the co-founders to be Google's CEO in 2001, will focus on external partnerships and business deals starting on April 4, when Page will take over the day-to-day management role. Page was Google's first CEO, and Schmidt said in a blog post that Page "in my clear opinion, is ready to lead."
Brin will continue to focus on technology products, assuming the title of co-founder as opposed to his current role of president, technology. "He's an innovator and entrepreneur to the core, and this role suits him perfectly," Schmidt wrote in his post.
"As Google has grown, managing the business has become more complicated. So Larry, Sergey, and I have been talking for a long time about how best to simplify our management structure and speed up decision making--and over the holidays we decided now was the right moment to make some changes to the way we are structured," Schmidt wrote in his post.
Google dropped the news in announcing fourth-quarter earnings results. Revenue minus traffic acquisition costs was $6.37 billion, ahead of analyst estimates. Net income for the quarter was $2.54 billion, or $2.85 billion excluding one-time charges. Analysts were expecting earnings per share excluding charges of $8.09, and they got $8.75 from Google.
A conference was scheduled for 1:30 p.m. PST to discuss the earnings results, but it's pretty clear what will dominate the conversation. We'll update as we learn more.
More to come...
Business Forum | Christian Forum | Coupon Forum | Discussion Forum | Gamers Forum
Legal Forum | Politics Forum | Sports Forum | Teen Forum | Webmaster Forum