They did not sign in blood, Google's top brass pledge an oath of service to their company
One traditional problem area for big companies is the issue of executive turnover. A shining example of this is Yahoo, who over the Summer had to install a new CEO, Jerry Yang, and now faces buyout and the resignation of its chairman, Terry Semel.
Competitor Google is aware of this potential pitfall, and its top executives are determined to do everything in their power to run a steady ship. In an interview with Fortune magazine, which is set to run February 4, Co-founders Larry Page and Sergey Brin, together with
Chief Executive Eric Schmidt make a major revelation of a joint decision which will certainly effect the course of the company.
The trio apparently made a private pact, which they only now chose to unveil to the public, in August 2004, before the company's initial private offering.
They vowed that they would each commit at least 20 more years to the company and to working together. Schmidt states in the interview, "We agreed the month before we went public that we should
work together for 20 years."
In 2024, the expiration date for the pact, Schmidt will be 69, Page will be 51, and Brin 50. Each of the executives is a billionaire, almost exclusively owing to the company they steer, which is now worth close to $170 billion USD. As well as being Chief Executive, Schmidt is also Chairman. Brin is president of technology and Page is president of
products.
There is much curiousity on Wall Street over Google's 2007 revenue, which it will soon release. With an impending Microsoft and Yahoo deal, exactly how good the news is may have a significant effect on the company's stock price.
Still, some analysts may look to the announcement as a sign of some stability from Google, whose stock is oft disregarded as overvalued due to scarcity, with share prices of over 700 dollars.
"I'd be pissed too, but you didn't have to go all Minority Report on his ass!" -- Jon Stewart on police raiding Gizmodo editor Jason Chen's home
|
Most Popular ArticlesHigh School Student Creates Storage Device that Can Charge in 20 Seconds
May 20, 2013, 6:51 AM
Google Announces "Pure" Galaxy Nexus S4 for $649, Android Updates
May 15, 2013, 1:42 PM
Seawater Cooling Saves Data Center Big Bucks, Energy, Despite Jellyfish Issues
May 17, 2013, 3:23 PM
U.S. Federal Traffic Board Wants to Make Drunk Driving Threshold Far Harsher
May 15, 2013, 11:32 AM
Newegg Legal Chief: "We don't Feed the Trolls"; Defeats Bell Lab Shell Comp.
May 17, 2013, 10:11 AM
|
