Page was Google's CEO prior to Schmidt coming on board a decade ago.
Schmidt wrote on Google's blog, "Larry will now lead product development and technology strategy, his greatest strengths, and starting from 4 April 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."
Schmidt added that in his new role he will focus wherever he can add the greatest value. This includes "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 [Brin]."
Sergey Brin will devote his time and energy to strategic projects, in particular working on new products. "His title will be co-founder," said Schmidt. "He’s an innovator and entrepreneur to the core, and this role suits him perfectly."
Google is now one of the world's largest companies, with more than 24,000 employees and a market capitalisation of more than US$200 billion