Changes At The Top Of Google
Larry Page CEO, Eric Schmidt Exec. Chair; Google Revenues Rise
January 20, 2011 at 2:32 PM (PT)
GOOGLE INC. has named co-founder LARRY PAGE CEO replacing ERIC SCHMIDT, who becomes Executive Chairman, reports BLOOMBERG. On its website, GOOGLE said the change, which surprised some market analysts, was made to "streamline decision making and create clearer lines of responsibility at the top of the company."
At the same time of the announced executive change, GOOGLE also reported Q4 profits that topped analysts’ estimates. Net income rose 29% to $2.54 billion, or $7.81 a share, from $1.97 billion, or $6.13, a year earlier. Profit excluding some items was $8.75 a share, exceeding analysts' average prediction of $8.08.
In his new role, SCHMIDT will focus on deals, partnerships and customers, he wrote in a blog post, while PAGE will take over day-to-day operations, starting April 4th. "It’s a surprise to see this leadership change, although at first blush it doesn’t look like a big change with Eric staying on," BENCHAMRK analyst CLAYTON MORAN said.