Eric Schmidt Dodges Future Bullets By Stepping Down As CEO

Jan 20, 2011 • 4:47 pm | comments (4) by twitter Google+ | Filed Under Google News & Finances
 

Eric Schmidt CEO No MoreDuring Google's earnings announcement, they also blogged that Google's current CEO, Eric Schmidt, will be stepping down as the CEO of Google after 10 years. Replacing him will be Google co-founder, Larry Page. This change in management will happen on April 4, 2011.

As Danny summarized:

  • Starting from April 4, Larry Page, Google Co-Founder, will take charge of Google’s day-to-day operations as Chief Executive Officer.
  • Sergey Brin, Google Co-Founder, will devote his energy to strategic projects, in particular working on new products.
  • Eric Schmidt will assume the role of Executive Chairman, focusing externally on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership–all of which are increasingly important given Google’s global reach. Internally, he will continue to act as an advisor to Larry and Sergey.

The best part, Eric Schmidt's tweet:

Day-to-day adult supervision no longer needed!

Whoa, but Google also announced earnings and they simply rocked. The financial highlights:

  • Google reported revenues of $8.44 billion for the quarter ended December 31, 2010, an increase of 26% compared to the fourth quarter of 2009
  • GAAP operating income in the fourth quarter of 2010 was $2.98 billion, or 35% of revenues. This compares to GAAP operating income of $2.48 billion, or 37% of revenues, in the fourth quarter of 2009. Non-GAAP operating income in the fourth quarter of 2010 was $3.38 billion, or 40% of revenues. This compares to non-GAAP operating income of $2.76 billion, or 41% of revenues, in the fourth quarter of 2009.
  • Paid Clicks – Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our AdSense partners, increased approximately 18% over the fourth quarter of 2009 and increased approximately 11% over the third quarter of 2010.
  • Cost-Per-Click – Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our AdSense partners, increased approximately 5% over the fourth quarter of 2009 and increased approximately 4% over the third quarter of 2010.
  • Cash – As of December 31, 2010, cash, cash equivalents, and marketable securities were $35.0 billion.
  • Headcount – On a worldwide basis, Google employed 24,400 full-time employees as of December 31, 2010, up from 23,331 full-time employees as of September 30, 2010.

For more details, see Techmeme.

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Comments:

Real World Traffic

01/20/2011 09:57 pm

Wow, definitely didn't see that coming...I wonder how much (if anything) will change putting Larry back up as CEO

Brian P

01/20/2011 10:57 pm

Yea wonder what direction he is going to be pushing things in. Google seems to be pushing in different directions right now and I feel like they are a bit unpredictable.

Jeroen B

01/21/2011 08:47 am

Is he wearing a bullet proof vest ?

Barry Schwartz

01/21/2011 11:05 am

Yes, it was a picture taken when he visited Afghanistan or Iraq...

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