Google Names Co-Founder Page As New CEO

Google co-founder Larry Page is to replace Eric Schmidt as CEO from 4 April, the company has announced.

In a blog post announcing the company's fourth quarter financial results, Google said that Page will take over as company CEO, with Schmidt moving to assume the role of Executive Chairman focusing on deals, partnerships, customers and broader business relationships, government outreach and technology.

Schmidt will continue to act as an advisor to Page and fellow co-founder Sergey Brin.

“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,” Schmidt said in a statement.

The search giant reported revenue of $8.44 billion in the fourth quarter of 2010, a 26 per cent year-on-year increase. Q4 profit was pegged at $2.54 billion, up by 29 per cent from the $1.97 billion recorded in the fourth quarter of 2009.