Google's Top 3 Executives Pledge 20 More Years
February 1, 2008 10:46 PM
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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
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
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
This article is over a month old, voting and posting comments is disabled
Of course they do...
2/2/2008 7:13:36 PM
Things are going well, they have all become millionaires. They have no reason to leave and it gives stock holders "piece of mind". Will they actually stay for 20 years? Who knows, maybe if the cash keeps flowing in like it is now.
If Google starts to do poorly and goes into the red for several years in a row these guys will bail ship just like any other corporate executive, plain and simple.
Everyone always makes big claims when things are going well.
"Well, we didn't have anyone in line that got shot waiting for our system." -- Nintendo of America Vice President Perrin Kaplan
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