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Eric Schmidt Replaced By Larry Page As Google Ceo

21 January 2011 11:10 (UTC +04:00)

Baku - APA-Economics. Super search engine Google is about to see a changing of the guard as outgoing CEO Eric Schmidt steps aside and Google company co-founder Larry Page comes in to fill his shoes, Mwza reported.

For the past ten years Schmidt has helmed the multi billion dollar company that got itâ€™s start as a simple search engine but soon became a household word.

This April however heâ€™ll be hanging up his algorithms and moving on to greener pastures. Heâ€™s reportedly cashing in about 534,000 shares of Google over the next year and pocketing an estimated $335 million.

Schmidtâ€™s reported 9.2 million shares estimated at $626.77 each closed on Thursday January 20, 2011 down $4.98 per share. His total holdings of Google stock are estimated to be around $5.8 billion.

This pre-arranged trading plan is seen as part of Schmidtâ€™s strategy to enhance his own individual asset diversification and liquidity according to the article from the LA Times.

This move by Schmidt is a careful one whereby he can cash in on his shares, a small percentage actually but not cause too much turmoil in the markets. Itâ€™s a slow and well regulated attempt at boosting his personal income and not cause a market impact.

His shares of Google came to about 2.9% of Goggleâ€™s overall outstanding capital stock and about 9.6% of the companyâ€™s voting shares. The strategy hopes to reduce his ownership foothold to about 2.7% of the search engine giant which comes to 8.7 million shares overall and an estimated 9.1% of voting shares.

Also, Google stock jumped to approximately $635.50 in after hours trading.