SAN FRANCISCO (AP) — Former Google CEO Eric Schmidt plans to sell up to 2.4 million shares of stock currently worth nearly $1.5 billion.
Schmidt, now Google’s executive chairman, intends to stagger the sales of the stock over a one-year period. Google disclosed Schmidt’s plans in a Friday regulatory filing.
If all 2.4 million shares of stock are sold, that will reduce Schmidt’s stake in Google Inc. from 2.8 percent to 2.1 percent.
Schmidt’s decision to sell some of his shares comes 10 months after he ended his 10-year stint as Google’s CEO and turned the job over to one of the Internet search leader’s co-founders, Larry Page.
Page and co-founder Sergey Brin filed plans to sell 5 million Google shares apiece in 2010.
Google shares fell $1.88 Friday to close at $604.64.