Google just announced a huge change in management. As of April, Eric Schmidt is out as CEO, and co-founder Larry Page will take over his day-to-day duties. Meanwhile, co-founder Sergey Brin will "devote his energy to strategic projects, in particular working on new products."
Schmidt's new role will be Executive Chairman. He will focus "externally on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership," the company announced. Schmidt will act as an advisor to Page and Brin.
"We've been talking about how best to simplify our management structure and speed up decision making for a long time. By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company," Schmidt said in a press release. "In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come."
Page praised Schmidt for doing an outstanding job leading Google as CEO.
"The results speak for themselves," Page said in a statement. "There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly. Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity--we are only at the beginning and I can't wait to get started."
Before Schmidt was hired in April 2001, Page was Google's CEO.
Read the full Eric Schmidt blog post here.
Google also reported Q4 2010 revenues of $8.44 billion. Full report to follow.