Current CEO Schmidt will assume new role of executive chairman.
Google co-founder Larry Page will take over as CEO of the company on April 4, replacing current CEO Eric Schmidt who will assume the role of executive chairman.
The search giant says Schmidt will now focus on external deals, partnerships and customers, as well as broader business relationships, government outreach, and technology thought leadership. He will continue to act as an advisor to both Page and his co-founder Sergey Brin, the company said.
Brin, meanwhile, will now devote his time to strategic projects and new product development.
Commenting on these changes in a press release ahead of the company's earnings call today, Schmidt said, "We've been talking about how best to simplify our management structure and speed up decision making for a long time. By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company. In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come."
Page added, "Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity - we are only at the beginning and I can't wait to get started."
Learn Digital Marketing Insights From Leading Brands!
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda, or register and attend one of the best ClickZ events yet!
Jack Marshall was a staff writer and stats editor for ClickZ News from 2007 until August 2011.
Hong Kong, October 21-22
London, November 13-14
San Francisco, November 13-14
London, November 18-19
Google My Business Listings Demystified
To help brands control how they appear online, Google has developed a new offering: Google My Business Locations. This whitepaper helps marketers understand how to use this powerful new tool.
5 Ways to Personalize Beyond the Subject Line
82 percent of shoppers say they would buy more items from a brand if the emails they sent were more personalized. This white paper offer five tactics that will personalize your email beyond the subject line and drive real business growth.
October 23, 2014
1:00pm ET/10:00am PT