Google's Larry Page to become CEO

Google co-founder Larry Page will take charge of the company's day-to-day operations as chief executive officer, replacing current CEO Eric Schmidt, who will become executive chairman and focus on strategic projects.

"We've been talking about how best to simplify our management structure and speed up decision making for a long time," Schmidt said in a statement released by Google. "By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company. In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come." Schmidt will continue to act as an adviser to Page and Google co-founder Sergey Brin, who will focus on several new strategic products.

"Eric has clearly done an outstanding job leading Google for the last decade," Page said in a written statement. "The results speak for themselves. There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly. Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity -- we are only at the beginning and I can't wait to get started."

The changes takes effect April 4.

Additional coverage:

Google Shake-Up Is Effort to Revive Start-Up Spark (NYTimes)
http://www.nytimes.com/2011/01/21/technology/21chief.html?ref=todayspaper
Larry Page to replace Eric Schmidt as Google CEO (WashPost)
http://www.washingtonpost.com/wp-dyn/content/article/2011/01/20/AR2011012006130.html
Google's Eric Schmidt steps down, depriving Web of future quotes (WashPost - legacy)
http://www.washingtonpost.com/wp-dyn/content/article/2011/01/20/AR2011012006128.html
Power Shifts Atop Google (WSJ)
http://online.wsj.com/article/SB10001424052748704881304576094340081291776.html?mod=ITP_pageone_0
Change Is Big Test for Page, Google's Management Bench (WSJ - test for Page)
http://online.wsj.com/article/SB10001424052748703921504576094540278477796.html?mod=ITP_pageone_2
Page becomes Google chief executive (FT)
http://www.ft.com/cms/s/2/8deca7de-24df-11e0-895d-00144feab49a.html