Eric Schmidt, the former CEO of Google and current executive chairman of the company, will sell off 2.4 million shares of the search engine giant,worth approximately $1.5 billion at the time of writing, over the next 12 months.
On Friday, the company revealed the plans through a regulatory filing and also disclosed that Schmidt wanted to raise money as well as diversify his personal investment portfolio.
If Schmidt manages to sell his 2.4 million shares then his stake in Google will decline to 2.1 per cent from 2.8 per cent; Google's shares fell by $1.88 to $604.64 on Friday 17th and markets are currently closed because of the President's day in the US.
At present, Schmidt, Larry Page and Sergey Brin together have majority in shareholder voting power at the web search company.
Page and Brin also filed their plans to sell 5 million shares in 2010 and the sales will end in 2015 as per schedule and despite selling their stakes, the pair still have a majority stake in the company.
Google's market capitalisation is approaching $200 billion, much less than either Microsoft of Apple, and still derives most of its revenues from online advertising.