Friday, January 21, 2011
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SAN FRANCISCO: Google made the biggest management shake-up in a decade on Thursday, handing the reins of the company to one of its co-founders in an effort to rediscover its start-up roots.
As it has grown into the dominant company in Silicon Valley, Google has lost some of its entrepreneurial culture and become a slower-moving bureaucracy, analysts and insiders say, in contrast to Facebook , Twitter and other younger , more agile competitors.
To counter this, Google announced that Larry Page, its 38-year-old co-founder , would take over as CEO from Eric E Schmidt, a technology industry veteran who was brought in a decade ago to provide adult supervision, as Silicon Valley calls it.
Schmidt, 55, will remain executive chairman of the company, which had a market value of $200 billion at the close of trading on Thursday, up from $27 billion when it went public in 2004. "One of the primary goals I have is to get Google to be a big company that has nimbleness and soul and passion and speed of a start-up ," said Page.
The shake-up comes at a time of major upheaval in Silicon Valley. The company, and the search industry, face challenges on several fronts. Google remains immensely powerful and successful—as demonstrated by the stellar quarterly financial results it reported Thursday. But the sudden rise of Facebook has exposed Google's failures in some areas.
google changes CEO,
SAN FRANCISCO: Google made the biggest management shake-up in a decade on Thursday, handing the reins of the company to one of its co-founders in an effort to rediscover its start-up roots.
As it has grown into the dominant company in Silicon Valley, Google has lost some of its entrepreneurial culture and become a slower-moving bureaucracy, analysts and insiders say, in contrast to Facebook , Twitter and other younger , more agile competitors.
To counter this, Google announced that Larry Page, its 38-year-old co-founder , would take over as CEO from Eric E Schmidt, a technology industry veteran who was brought in a decade ago to provide adult supervision, as Silicon Valley calls it.
Schmidt, 55, will remain executive chairman of the company, which had a market value of $200 billion at the close of trading on Thursday, up from $27 billion when it went public in 2004. "One of the primary goals I have is to get Google to be a big company that has nimbleness and soul and passion and speed of a start-up ," said Page.
The shake-up comes at a time of major upheaval in Silicon Valley. The company, and the search industry, face challenges on several fronts. Google remains immensely powerful and successful—as demonstrated by the stellar quarterly financial results it reported Thursday. But the sudden rise of Facebook has exposed Google's failures in some areas.
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