Eric Schmidt is stepping down as Google CEO, with co-founder Larry Page taking over day-to-day operations on April 4.
Schmidt, who joined Google in 2001, will stay on as executive chairman, focusing externally on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership, the company said in a statement.
Internally, he will continue to act as an advisor to Page, who will lead product development and technology strategy , and Google co-founder Sergey Brin, who will focus on strategic projects.
"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 said in a statement.
The news comes on the same day Google announced its fourth quarter and fiscal year 2010 earnings. The company reported revenues of $8.44 billion for the quarter ended December 31, 2010, an increase of 26% compared to the fourth quarter of 2009.FULL STORY