Google co-founder takes over as new CEO
January 20, 2011
(ChattahBox Business News) – Google has announced that Eric Schmidt is stepping down as CEO, and Co-founder Larry Page is taking over. Schmidt said in the announcement that the changes were made because “managing the business has become more complicated,” and Google wanted to “speed up decision-making.” Schmidt will now become the executive chairman and focus on “broader business relationships, government outreach, and technology thought leadership,” according to the search giant’s announcement. The management change will take effect April 4, the Mountain View, Calif.-based company said. Sergey Brin, another Google co-founder, will take a more active role in strategic projects. The shakeup comes as the company is still thriving as it reported a $2.54 billion profit in the fourth quarter of 2010, up 28 percent from the comparable period a year earlier.