NEW YORK (CNNMoney) -- Eric Schmidt will step down from his role as Google's CEO in April and be replaced by co-founder Larry Page.
Schmidt, who joined Google in 2001 to become its chief executive, will stay on as executive chairman after he leaves his CEO role on April 4. According to the company, he will focus on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership. He will also continue to act as an advisor to co-founders Larry Page and Sergey Brin.
"We've been talking about how best to simplify our management structure and speed up decision making for a long time," Schmidt said in a prepared statement. "By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company."
