Schmidt out as Google CEO, Q4 Profit Soars

“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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