Starting April, Google's Page will take over as chief executive, a move the company hopes will streamline its decision-making process amid fresh competition from Facebook and Twitter.
Schmidt, who became CEO in 2001 to bring more management experience to a then-fledgling company, will assume the role of executive chairman, focusing on deals and government outreach, among other things. Brin will concentrate on strategic projects. Schmidt, 55, a former chief executive of Novell, will remain with Google as executive chairman, focusing on deals, partnerships, customers and government outreach, Google said in a statement. He will also act as an adviser to Page, 37, who served as CEO previously, from 1998 to 2001, and Brin, also 37.
"Day-to-day adult supervision no longer needed!" Schmidt said on Twitter in a reference to when the young co-founders brought him in to run the day-to-day operations of the then-fledgling company.
Google has grown over the past decade from a startup battling other Internet search engines into a technology giant with nearly 25,000 employees and annual revenue of nearly $30 billion.
Just days ago, Apple Inc CEO Steve Jobs announced a leave of absence, leaving lieutenant Tim Cook in charge of day-to-day operations. Like Google, Apple also announced results this week that blew past Wall Street’s estimates.
Steve Jobs returned to Apple Inc (AAPL.O) in the 1990s to save the company he founded from near death. Yahoo Inc's (YHOO.O) Jerry Yang made a similar return, coming back to his Internet company during a troubled stretch -- but has failed to restore its fortunes.
The company meanwhile reported its fourth-quarter net profit increased to $2.54 billion from $1.97 billion a year ago, while revenue rose 26 percent to $8.44 billion. Shares of Google were up $2.53, or 0.4 percent, at $629.30 after opening at $639.58.
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