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Google chairman to sell up to 3.2 million shares

(AP) - Google Executive Chairman Eric Schmidt plans to sell more than 40 percent of his stock in the Internet search leader this year.

The plan disclosed Friday calls for Schmidt to sell up to 3.2 million shares. If he were to sell all that stock at Google's current price, Schmidt would realize a $2.5 billion windfall.

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

Google co-founders Larry Page and Sergey Brin are the only company executives who own more stock than Schmidt. Page controls an 8.7 percent stake and Brin holds an 8.5 percent stake.

The 57-year-old Schmidt was Google's CEO for a decade before turning over the job to Page in April 2011.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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