Google CEO Eric Schmidt is to step down from his position at the head of the company, handing over the reigns to the search engine’s co-fouder Larry Page. The move will take effect from April 4th.
Schmidt will now stand as executive chairman in charge of external relations and partnerships, with Page in charge of day to day operations. Schmidt had come under fire in the past few months due to his position on privacy and security issues.
As part of the move, Schmidt will be selling 534,000 shares of his Google Class A stock, each worth $626.77 for a total of £334.7 million. Portfolio diversification is cited as the reason behind the sale.