Google Inc. (NASDAQ:GOOG) co-founder Larry Page is becoming CEO of the company as part of a management shift. Google is giving Schmidt a $100 million equity award to Eric Schmidt as he is departing from the CEO role.
This is the first kind of award for Schmidt since he joined Google in 2001, including stock and options. Schmidt is becoming executive chairman to work on government relationships and partnerships. This past Thursday, Schmidt filed papers to sell shares worth $335 million this year. He currently owns 9.2 million shares of Google valued at $5.8 billion. This is 9.6% of the company’s voting powers.