engine - 11:43 am on Jan 23, 2010 (gmt 0)
Page and Brin To Give Up Majority Control of Google By 2014 [news.cnet.com]
By 2014, Google founders Larry Page and Sergey Brin will have sold enough of their stock to give up majority control of the company, Google announced Friday evening. "Today, we disclosed that Larry and Sergey have entered into plans to sell 5 million Google shares, each over the next five years--these shares represent about 17 of their overall Google holdings," Google said in an e-mailed statement. "They are both as committed as ever to Google and are integrally involved in our day-to-day management and product strategy. The majority of their net worth remains with Google. These pre-arranged stock-trading plans were adopted in order to allow Larry and Sergey to sell a portion of their Google stock over time as part of their respective long-term strategies for individual asset diversification and liquidity."