Google has announced that chief executive Eric Schmidt will be returning the position to co-founder Larry Page whom he had taken the reigns from a decade ago. Schmidt will remain executive chairman of Google that has grown from a pre IPO valuation of $27 billion to $200 billion at markets close yesterday. The handover will happen in April.
“One of the primary goals I have is to get Google to be a big company that has the nimbleness and soul and passion and speed of a start-up,” said Mr. Page in a telephone interview on Thursday.
Eric Schmidt wrote in a twitter post: “Day-to-day adult supervision is no longer needed.”
Google, it seems has become less agile and less attractive to first string engineers and executives while Facebook and Twitter have become the places to work and have threatened growth at Google. I have to say, speaking from experience, that work at a startup is far superior to getting bogged down in stagnant products and the bureaucratic thinking that seems to take over as companies grow and age. No doubt, Mr. Page has gained a great deal of education observing Mr. Schmidt over the years and I'm betting that we see some new and exciting things from Google.