(Ping! Zine Web Hosting Magazine) – Google announced last week that longtime CEO Eric Schmidt will be stepping down as the Chief Executive Officer on April 4. Replacing him will be the companies co-founder, Larry Page. Google announced that the move is part of an effort to “streamline decision making and create clearer lines of responsibility at the top of the company.”
Although Schmidt is stepping down, he will now focus on deals, partnerships, customers, government outreach and technology thought leadership. Internally, he will continue to act as an advisor to the co-founders, Google noted.
Schmidt announced in a blog post “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.”
In turn, Google has granted Schmidt a $100 million stock award, making it the highest payout to a CEO since Motorola awarded $103 million to its departing co-CEO in Auguest 2008, according to reports from the Wall Street Journal.