Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

AP Photo/Nati Harnik
Google

Google news: Eric Schmidt out, Larry Page in

Schmidt is stepping down as CEO of Google, and company has announced Larry Page will take over the position.

Published with permission from Business Insider.

Eric Schmidt is stepping down as CEO of Google, and Larry Page is taking, over the company just announced in its earnings release.

Schmidt will become Executive Chairman focused on, “deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership,” the company says.

Google’s other co-founder, Sergey Brin, will take a more active role in strategic projects including product.

Eric Schmidt just joked about the switch on Twitter, saying, “Day-to-day adult supervision no longer needed!”

In a blog post explaining the move, Schmidt says, “managing the business has become more complicated,” and Google wanted to “speed up decision making.”

This news came out of nowhere, as reflected in the stocks movement after-hours. It spiked on strong earnings, then fell back, and is now up around 1%. Investors, along with the rest of the tech world are trying to make sense of the news.

Read more at BusinessInsider.com >