Google’s Newly-Minted ‘Executive Chairman’ Schmidt To Sell More Than Half Million Google Shares
"Google Inc.'s Eric Schmidt, who is transitioning to executive chairman from chief executive, has plans to sell more than a half million company shares throughout the year as part of his asset-diversification plan, his first such sale in more than three years," Steven Russolillo reports for Dow Jones Newswires.
"The sales, worth about $335 million based on Google's closing price Thursday, will lower Schmidt's stake and voting power, and comes as Google announced that co-founder Larry Page will replace Schmidt as chief executive. Schmidt will become executive chairman in April," Russolillo reports. "The stock-trading plan, unveiled in a filing with the Securities and Exchange Commission, said Schmidt intends to sell as much as 534,000 Class A shares during the course of the year. The sale would represent a 6% drop in Schmidt's current holdings of 9.2 million shares."