Larry Page to replace Schmidt as Google CEO

In one of the biggest management changes, Google co-founder Larry Page will take over as the company's chief executive officer from Eric Schmidt.

Schmidt who has been the Google CEO for a decade will continue as executive chairman from April 4, while Sergey Brin will continue on as co-founder.

In his new role as CEO, Page will monitor product development and technology strategy.

"Larry, Sergey and I have worked exceptionally closely together for over a decade - and we anticipate working together for a long time to come. As friends, co-workers and computer scientists we have a lot in common, most important of all a profound belief in the potential for technology to make the world a better place," Eric Schmidt said in a blog post.

On Thursday, Google posted a 26 per cent rise in fourth-quarter revenue at $8.44 billion compared to the fourth quarter of 2009.

Click NEXT to read why Eric Schmidt has stepped aside to hand over the CEO title to Larry Page...

(The statement by Google Chairman and CEO Eric Schmidt was posted on Google's blog on Thursday.)

"When I joined Google in 2001 I never imagined even in my wildest dreams that we would get as far, as fast as we have today. Search has quite literally changed people's lives increasing the collective sum of the world's knowledge and revolutionizing advertising in the process," Eric E Schmidt wrote in the blog.

"And our emerging businesses display, Android, YouTube and Chrome are on fire. Of course, like any successful organization we've had our fair share of good luck, but the entire team now over 24,000 Googlers globally deserves most of the credit," he said.

. . .

"And as our results today show, the outlook is bright. But as Google has grown, managing the business has become more complicated.

"So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making and over the holidays we decided now was the right moment to make some changes to the way we are structured," Schmidt explained.

"For the last 10 years, we have all been equally involved in making decisions. This triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us.

"But we have also agreed to clarify our individual roles so there's clear responsibility and accountability at the top of the company," Schmidt said.

. . .

"Larry will now lead product development and technology strategy, his greatest strengths, and starting from April 4 he will take charge of our day-to-day operations as Google's chief executive officer.

"In this new role, I know he will merge Google's technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead," wrote Schmidt, praising Page.

...

"Sergey has decided to devote his time and energy to strategic projects, in particular working on new products. His title will be co-founder. He's an innovator and entrepreneur to the core, and this role suits him perfectly, Schmidt points out.

"As executive chairman, I will focus wherever I can add the greatest value: externally, on the deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google's global reach; and internally as an advisor to Larry and Sergey," he explained about the new role.

"We are confident that this focus will serve Google and our users well in the future. Larry, Sergey and I have worked exceptionally closely together for over a decade and we anticipate working together for a long time to come.

"As friends, co-workers and computer scientists we have a lot in common, most important of all a profound belief in the potential for technology to make the world a better place. We love Google our people, our products and most of all the opportunity we have to improve the lives of millions of people around the world," Schmidt summed up.