Google Update From Eric Schmidt (GOOG)

Eric Schmidt posted on Google's GOOG blog today announcing that he is stepping down as the CEO of the company and will become Chairman. He wrote that "as Google has grown, managing the business has become more complicated. So Larry, Sergey and I have been talking for a long time about how to simplify our management structure and speed up decision making - and over the holidays we decided now was the right moment to make some changes to the way we are structured." Schmidt outlined how over the last 10 years, he and Google co-founders Larry Page and Sergey Brin, have been equally involved in making decisions at the company. He wrote, "this triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us. But we have agreed to clarify our individual roles so there's clear responsibility and accountability at the top of the company." Larry Page, in his new role as CEO, will now lead product development and technology strategy. Sergey Brin will be devoting his time to strategic projects, "in particular working on new products." His title will be co-Founder. Schmidt said that in his role as Executive Chairman, he will "focus wherever I can add the greatest value: externally, on the deals, partnerships, customers, and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google's global reach." He also said that he will continue to advise Larry and Sergey.