Eric Schmidt, Google’s outgoing CEO, to cash out shares worth $335 million
Google Chief Executive Eric Schmidt, who is stepping down in April, is planning to sell 534,000 shares in the company over the next year in a cash-out move that could be worth about $335 million. Schmidt has been CEO at Google for the last decade. But in April he’ll be replaced by Larry Page, the company’s co-founder. Word of Schmidt’s plan to sell off a portion of his holdings in the Web search giant came in a regulatory filing alongside Google’s fourth-quarter earnings report, both submitted to the Securities and Exchange Commission.
According to the Google SEC filing, Schmidt owned 9.2 million shares in Google as of Dec. 31, 2010. Google stock closed at $626.77 a share on Thursday, down $4.98 a share. At Thursday’s closing price, Schmidt’s holdings in Google are worth about $5.8 billion. Google said in the filing that Schmidt is planning to sell 6% of his shares over the next year in an already-mapped-out trading plan. At Thursday’s closing price, the 534,000 shares would be worth about $335 million.
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