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Schmidt out as Google CEO, Q4 Profit Soars

Jan 20, 2011, 21:48 (1 Talkback[s])
(Other stories by Kenneth Corbin)

"Search giant Google reported a double-digit increase in fourth quarter revenues on Thursday, topping analysts' forecasts, but the company overshadowed its rosy financial performance with the announcement of a major shakeup in the ranks of its top executives.

"CEO Eric Schmidt will step aside and assume the role of executive chairman, with co-founder Larry Page assuming the top spot.

"Co-founder Sergey Brin, who currently serves as president of technology, will take "co-founder" as a formal title, and focus on new product development.

"Google (NASDAQ: GOOG) said Schmidt will continue to act as an internal advisor to Page and Brin, but will devote his attention to other areas, including deals, partnerships and government relations."

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