Google Chairman To Sell 42 Percent of Stake

Saturday, February 9, 2013

Google Chairman To Sell 42 Percent of Stake

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Google's Executive Chairman Eric Schmidt plans to sell more than 40 percent of his stock in the company this year.

According to a a filing with the U.S. Securities and Exchange Commission spotted by Rueters, Schmidt will sell up to 3.2 million shares, which mean that Schmidt would realize a $2.5 billion windfall, according to Google's current price.

Schmidt ended December with 7.6 million Google shares, or a 2.3 percent stake in the company.

Schmidt was Google's CEO for a decade before turning over the job to Larry Page in April 2011.