Eric Schmidt Replaced By Larry Page As Google Ceo

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 it’s start as a simple search engine but soon became a household word.

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

Schmidt’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 Schmidt’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. It’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 Goggle’s overall outstanding capital stock and about 9.6% of the company’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.