Eric Schmidt, executive chairman at Google Inc (NASDAQ:GOOG), wants to shed 3.2m class A shares in the Internet giant, via a stock trading plan, the company said.
Under the plan, Schmidt will carry out trades over a one-year period, to reduce the market impact. According to Google, the executive is selling the stock to diversify his asset portfolio and liquidity.
The shares to be divested make up some 42% of Schmidt’s stake in the company and could potentially be worth USD2.51bn (EUR1.9bn), Reuters said.
Schmidt holds now around 7.6m class A and class B Google common shares, accounting for 2.3% of the group’s outstanding shares and about 8.2% of its voting rights.
He served as Google’s chief executive for ten years until April 2011, when co-founder Larry Page replaced him on that position.