Larry Page Replacing Eric Schmidt as Google CEO

Larry Page is set to takeover the company he founded, as Google’s current chief executive officer – and former Apple board member – Eric Schmidt plans to resign in order to assume a new position as executive chairman.

As the new CEO, Larry Page will similarly elevate fellow co-founder Sergey Brin, who will now take on an active role in strategic planning and product development.

The shake-up, which was announced during the Internet search giant’s quarterly earnings report, will take effect April 4, 2011.

On Friday morning, the Wall Street Journal addressed rumors that Schmidt’s forthcoming departure had been seen coming for months.

The transition has long been contemplated, according to a person familiar with the matter.

According to the WSJ, Page and Schmidt’s relationship has “grown rockier over the past year.” The report, however, added that a Google spokesperson indicated that “there has been no friction between the men,” and other people close to the men “also said they didn’t detect a difference.”

On Thursday, outgoing CEO Eric Schmidt took to the official Google blog to detail his new responsibilities as executive chairman, responsibilities that include handling “deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership.”

“For the last 10 years,” Schmidt observed, “we have all been equally involved in making decisions. This triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us. But we have also agreed to clarify our individual roles so there’s clear responsibility and accountability at the top of the company.”

“I am enormously proud of my last decade as CEO,” Schmidt concluded, “and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.”