Co-Founder Larry Page to Become CEO as Google Earnings Beat Street
On Google’s Q4 earnings conference call, on YouTube, of course, the company explains its surprising shift at the top. Co-founder Larry Page will become CEO, and current chief exec Eric Scmidt will become Executive Chairman. Eric Schmidt also talks about the change at the top in a blog post.
As for its earnings report, the company “easily beat the street” according to CNBC.
The WSJ is live-blogging the call.
Details from AP below:
Google co-founder Larry Page is taking over as CEO in an unexpected shake-up that upstaged the Internet search leader’s fourth-quarter earnings.
Page, 37, is reclaiming the top job from Eric Schmidt, who had been brought in as CEO a decade ago because Google Inc.’s investors believed the company needed a more mature leader.
Schmidt, 55, will remain an adviser to Page and Google’s other co-founder, Sergey Brin, as Google’s executive chairman.
The changes will be effective April 4.
The change in command overshadowed Google’s fourth-quarter earnings, which soared past analysts’ estimates as the company cranked up its Internet marketing machine during the holiday shopping season..
- Google press release
- After-hours stock quote: GOOG
- Google Earnings: Stock Pops Late, Flat-Lines Next Day (CNBC Market Insider)