Google co-founder Larry Page to replace Eric Schmidt as CEO

Friday, January 21, 2011

Google co-founder Larry Page will replace Eric Schmidt as the company's CEO starting April 4, the company said in its quarterly financial report.

Page will take charge of Google's day-to-day operations as CEO, with Schmidt assuming the role of executive chairman. Additionally, Sergey Brin, another Google co-founder, will focus his efforts on strategic products, specifically working on new products.

In conjunction with the management reshuffling announcement, Google said it recorded net income of US$2.54bn during 4Q10, up from US$1.97bn during Q4 last year. The company also reported Q4 revenues for 2010 of US$8.44bn, a 26% increase over 4Q09 revenues of US$6.67bn.

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International revenues for the quarter totaled US$4.38bn, representing 52% of total 4Q10 revenues, compared with 52% during 3Q10 and 53% during Q4 last year.

Previously, the internet search giant said it expects growth to measure some 80% in Latin America, more than in any other region. Google opened offices in Mexico, Argentina and Peru in 2010, and expects to open two more in Latin America in 2011, according to Google's president for Latin America, Alexandre Hohagen.