Google Makes Surprise Switch at the Top; Page to Take Over as CEO

In a surprise announcement, Google said that co-founder Larry Page will replace Eric Schmidt as CEO, beginning April 4. Schmidt will assume the role of executive chairman, focusing on deals, partnerships and broader business relationships, while co-founder Sergey Brin will focus on new products. Google said the moves will streamline decision making and create clearer lines of responsibility and accountability at the top of the company. "We've been talking about how best to simplify our management structure and speed up decision making for a long time," said Schmidt. "By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company." Schmidt has served as CEO since 2001, when he took over for Page. The news came as Google reported fourth-quarter net income of $2.5 billion on revenue of $8.4 billion.