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Posted at 4:43 PM ET, 01/20/2011

Google shakedown: Larry Page takes over from Eric Schmidt as CEO; sends Internet into a tizzy

By Melissa Bell
larry page
Larry Page, the new Google CEO (Mario Anzuoni/Reuters)

In a quick post to the official Google blog, Eric Schmidt announced a seismic shift at the search engine company: He would be stepping down. Co-founder Larry Page would take up the role of CEO beginning April 4, following a decade of leadership under Schmidt.

Schmidt writes:

In this new role I know he will merge Google's technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.

Schmidt says that over the past 10 years he, Page and co-founder Sergey Brin have shared equally in the decision-making for the company.

Schmidt will continue as executive chairman, working on "deals, partnerships, customers and broader business relationships, and government outreach." Brin, under the title of "co-founder," will work on strategic partnerships. "He's an innovator and entrepreneur to the core, and this role suits him perfectly," Schmidt writes.

Schmidt was often seen as the older businessman brought in to help guide the young founders as they parlayed their search engine into a global presence. His tweet announcing the change said as much:

Day-to-day adult supervision no longer needed! http://goo.gl/zC89pless than a minute ago via web

The Twitter herd jumped on the news, sending Schmidt and Page up onto trending topics within 20 minutes of the news breaking:

all change in CEO land, apple & now via @ryancarson Holy biscuits. Larry Page is replacing Eric Schmidt as CEO of Google http://t.co/qICvv4nless than a minute ago via web

Larry Page has just ousted Eric Schmidt as Mayor of Google on @foursquare. http://bit.ly/hQGNReless than a minute ago via TBUZZ

Steve Jobs steps back the day before earnings, Eric Schmidt steps back on earnings day. Next Tuesday is Yahoo's earnings report. Carol?less than a minute ago via Twitter for Mac

Interesting how $GOOG jumped almost 2% after-hours on news of the Eric Schmidt / Larry Page executive shuffle.less than a minute ago via web

By Melissa Bell  | January 20, 2011; 4:43 PM ET
Categories:  The Daily Catch  
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