CEO Schmidt Will Step Aside for Google Cofounder Page

In a surprise announcement, Google CEO Eric Schmidt will become chairman while cofounder Larry Page moves up to CEO. Schmidt, who will become chairman, said he and Google's founders are clarifying their management roles. Google also reported a jump in revenues, and analysts are questioning whether Page is ready to lead.

In a move that surprised industry analysts, Eric Schmidt will step down as Google's CEO. Google cofounder Larry Page will take over as chief of the company while Schmidt settles into the chairman role.

While Page takes on the day-to-day management, Schmidt will focus externally on deals, partnerships, customers and broader business relationships, government outreach, and technology thought leadership. Internally, Schmidt will continue to act as an adviser to Page and cofounder Sergey Brin, who will focus on strategic projects, in particular new products. The changes will take effect on April 4.

By Jennifer LeClaire

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