As Google announced its fourth quarter earnings today, they also made an annoucement that sent shockwaves through the search engine universe.
Google announced that co-founder Larry Page would be replacing current CEO Eric Schmidt, effective April 4 of this year. Page had previously served as CEO of the company from 1998 to 2001, and is now once again at the helm overseeing Google’s day to day operations.
Google says, Schmidt will step down and assume the role of executive chairman of the company, focusing on partnerships, customers and government outreach. Additionally, Schmidt will act as an advisor to Page and Sergey Brin, Google’s other co-founder. Brin will take up a new role working on strategic projects and new products that tickle his fancy.
With news breaking of the management shake- up, the actual financial results of the search engine giant became a mere afterthought. Google reported that net profits rose to $2.54 billion in the fourth quarter from $1.97 billion in the same quarter a year ago, while revenue climbed 26 percent to $8.44 billion from over a year ago.
Undoubtedly, Google will be hoping this shuffle will help position the company to battle the Facebook onslaught.
What are the odds that Google would hire the Winklevoss twins as advisors on how to bring the hoody wearing billionaire down?