Yep, you heard it right. Google's CEO Eric Schmidt is out as the Chief Executive Officer of the company starting April 4th. Co-founder Larry Page will take over the everyday operations of the company and co-founder Sergey Brin will assume the role of taking lead on key products and projects moving forward.
Schmidt will still remain active as Executive Chairman, which entails concentrating on internal matters, business relationships, partnership deals, government lobbying and technology training. He will also serve as an advisor to the two co-founders.
Rumors around the change roam the Internet Prairie. According to Schmidt's Twitter account, "Day-to-day adult supervision is no longer needed!". This leads us to believe that the CEO feels that the team under him can step up and lead the company into the years to come.
Fun fact: On the day of the announcement, Google posted a year-end $8.5 billion profit.