Ex-Google CEO Schmidt to sell up to 2.4M shares

Feb 18, 2012

(AP) -- Former Google CEO Eric Schmidt plans to sell up to 2.4 million shares of stock currently worth nearly $1.5 billion.

Schmidt, now Google's executive chairman, intends to stagger the sales of the stock over a one-year period. Google disclosed Schmidt's plans in a Friday regulatory filing. The company said Schmidt, 56, is trying to raise some money and diversify his investment portfolio.

If all 2.4 million shares of stock are sold, that will reduce Schmidt's stake in Google Inc. from 2.8 percent to 2.1 percent.

Schmidt's decision to sell some of his shares comes 10 months after he ended his 10-year stint as Google's CEO and turned the job over to one of the Internet search leader's co-founders, .

Page and co-founder filed plans to sell 5 million Google shares apiece in 2010. Those sales are scheduled to be completed in 2015.

Together, Page, Brin and Schmidt hold the majority of shareholder voting power at Google. They will retain that control even after they reduce their stakes. All three have been billionaires since Google went public in 2004.

shares fell $1.88 Friday to close at $604.64. The company disclosed Schmidt's plans to lower his holdings after the stock market closed. The shares fell 44 cents after hours.

Explore further: Microsoft drops Nokia name from smartphones

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Google awards $100 million to Eric Schmidt

Jan 24, 2011

(AP) -- Google Inc. says it has awarded $100 million worth of equity to Eric Schmidt, who is stepping aside as CEO but will stay with the company as executive chairman.

Google co-founders to sell $5.5B combined in stock

Jan 23, 2010

(AP) -- Google Inc. co-founders Larry Page and Sergey Brin are relinquishing some of their control over the Internet search leader with the sale of 10 million shares worth $5.5 billion at current prices.

Google CEO's compensation for 2009 falls 52 pct

Mar 29, 2010

(AP) -- The total compensation of Google Inc. CEO Eric Schmidt fell 52 percent last year as the Internet search leader cut back on its employee perquisites to help lift its profits during the recession.

Former Google CEO made $313,219 in 2010

Apr 20, 2011

(AP) -- Billionaire Eric Schmidt feels more comfortable taking a million dollar paycheck as Google Inc.'s former CEO than he did when he was running the Internet's most powerful company.

Google rewards top executives

Mar 12, 2011

Google has awarded nearly $9 million in bonuses and another $50 million in equity to four top executives of the Internet giant, according to a filing with the US Securities and Exchange Commission.

Recommended for you

NBCUniversal settles with unpaid interns for $6.4M

1 hour ago

NBCUniversal will pay $6.4 million to settle a class action lawsuit brought by unpaid interns who worked on "Saturday Night Live" and other shows who claim they are owed wages, according to court documents.

States ascend into the cloud

2 hours ago

Seven years ago, the state of Delaware started moving computer servers out of closets and from under workers' desks to create a consolidated data center and a virtual computing climate.

Microsoft drops Nokia name from smartphones

4 hours ago

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

4 hours ago

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

Ericsson profit down 10 pct despite higher sales

8 hours ago

Wireless equipment maker Ericsson says its third-quarter earnings slumped 10 percent despite higher sales due to increased operating costs and negative effects from currency hedging.

User comments : 0