World's internet giant GOOGLE INC owners of most popular search engine announced co-founder Larry Page will take over as Chief Executive Officer (CEO) as Eric Schmidt becomes executive chairman after a decade at the helm.
Google decided to turnback to the entrepreneurial ethos that helped it create the most used and highly profitable tools for culling information from the Web.
Page’s task will be to accelerate a drive into new areas of growth as Web users spend more time on social sites like Facebook, and Apple Inc. poses a threat in mobile advertising.
Google's vice president Vint Cerf, who was in Australia to address a conference, said he the new chief executive of the California-based giant, Larry Page, was ready to lead the company into the future
Cerf said Schmidt had been chief executive for 10 years -- "a nice round number" -- and Page was ready to lead the company into the future.
He continued, Larry and Sergey are 10 years older than they were when they thoughtfully hired Eric to be the CEO... so everybody's growing up.
Google has grown over the past decade from a start-up battling other Internet search engines into a technology giant with nearly 25,000 employees and annual revenue of nearly $30 billion.
The company meanwhile reported its fourth-quarter net profit increased to $2.54 billion from $1.97 billion a year ago, while revenue rose 26 percent to $8.44 billion.
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