Eric Schmidt stepping as chief executive of Google but becomes Executive Chairman photograph: Graham Turner for guardianOutbound Google boss Eric Schmidt said, he is preparing to sell shares in the search engine worth more than $ 326 m £ 200 m on the day after he raised from the top job.
The sale comes after the company announced that Google co-founder Larry Page would replace Schmidt as chief executive in April, take over the day-to-day running of the company. Schmidt becomes Executive Chairman. Share sale would be his first in more than three years.
Plan stock-trading, filed with the u.s. financial regulator the Securities and Exchange Commission, States that Schmidt plans to sell as much as 534,000 class a shares in the course of the year. Google's shares were worth $ 611.75 yesterday, making sales worth $ 326. 67 m to today's prices.
Sales represent only a fraction of Schmidt's Google fortune. His 10 years at the company has 55-year-old built a holding of 9.2 m Google shares worth $ 5.8bn.
The surprise announcement that Schmidt leaving chief executive job shocked Wall Street and Silicon Valley. He has worked closely with page and co-founder Sergey Brin for a decade to take the company public and build it into one of the most effective and successful companies in the world.
He intensified after tweeting that it no longer required "adult supervision". On a conference call with analysts Schmidt said: "I think Larry is ready. His ideas are very interesting and clever, and it is time for him to have shot at running this. "Last year Google was eclipsed by Facebook as the most visited site on the planet and Google have suffered setbacks in social media. Analysts believe the move may signal the company attempts to regain lead in innovation.
Colin Gillis, an analyst with BGC financial, wrote in a note to investors: "while Google has grown under Eric Schmidt's tenure as CEO, a case can also be made that it was not built any new material revenue streams, was intended for the construction of late mobile market has no effective social solutions, overbuilt its Headcount is placed and the Government regulators cross hairs."
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