Google's Top 3 Executives Pledge 20 More Years
February 1, 2008 10:46 PM
comment(s) - last by
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
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20 years, don't believe it for a moment
2/3/2008 3:03:24 PM
I wonder how many leaders made pacts when things were going good.
I'm sure these three are a little special, but in now way can they predict what the next 10 years will do to change there prospective, values, and more importantly where Google will be in 5 years.
The technology work, especially theres is very fast moving. 10 years ago no one would have tought MS would be at risk for becoming irrelevant and look now.
With billions and a quick change of the wind this pact means nothing. They could all be shown the door or like the beatles be split up by things they never saw coming.
Its all a bunch of PR to try and prop up the stock as well as take some spotlight from the MS bid for Yahoo.
“We do believe we have a moral responsibility to keep porn off the iPhone.” -- Steve Jobs
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