Google has announced that co-founder Larry Page will be replacing Eric Schmidt as chief executive in a management overhaul that is coinciding with the company's fourth-quarter earnings, which jumped 29%.
The company said the move, which will go into effect April 4, were made "to streamline decision-making and create clearer lines of responsibility and accountability at the top of the company." Google now has more than 20,000 employees and over $29 billion in annual revenue.
Schmidt will become executive chairman, focusing on deals, partnerships, customers and broader business relationships. He also will continue to act as an adviser to Page and co-founder Sergey Brin, who will be focused on strategic projects.
"Day-to-day adult supervision no longer needed!" Schmidt said on his Twitter account after the announcement was made. On the company's earnings conference call, Schmidt said, "I'm sure this partnership will continue."