Google Co-Founder Larry Page Replacing Eric Schmidt As CEO

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Google CEO Eric Schmidt will be handing the reigns over to company co-founder Larry Page. In a blog post titled “An update from the Chairman,” Schmidt detailed that he’ll be serving as executive chairman, Page will take over day-to-day operations, and Google’s other co-founder Sergey Brin will simply take on the well-suited title of “Co-Founder.”

From Schmidt’s post:

“Larry will now lead product development and technology strategy, his greatest strengths, and starting from April 4 he will take charge of our day-to-day operations as Google’s Chief Executive Officer. In this new role I know he will merge Google’s technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.

Sergey has decided to devote his time and energy to strategic projects, in particular working on new products. His title will be Co-Founder. He’s an innovator and entrepreneur to the core, and this role suits him perfectly.

As Executive Chairman, I will focus wherever I can add the greatest value: externally, on the deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google’s global reach; and internally as an advisor to Larry and Sergey.”

The announcement comes on the heels of Google’s Q4 2010 earnings report, which can be found here.

More on TIME.com:

Eric Schmidt on the Future of Android, Google TV, and More

Rumored ‘Google Me’ Social Network Not Quite As Anticipated

Google Shows Off Secret New Android Phone

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