Larry Page takes back Google CEO job

Google co-founder Larry Page is set to regain full control of the internet search giant after chief executive Eric Schmidt announced that he was stepping down. Schmidt said that Page, who set up Google with fellow student Sergey Brin back in 1996, is "ready to lead".

Schmidt was originally brought in to guide the young men back in 2001 when Google began to take off. Last night, however, he posted on his Twitter account: "Day-to-day adult supervision no longer needed!"

According to Schmidt, the previous structure, which involved decisions being taken by the triumvirate, had become inefficient. Page said: "There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly... I have learned innumerable lessons from him."

The move will see Page become chief executive on April 4, and comes as the company reported a 29 per cent increase in full year pre-tax profits from $8.4bn to $10.8bn. The company now has a market value of about $200bn, and has made the co-founders and Schmidt billionaires.

Read a full report at the Daily Telegraph. ·