Google's Schmidt Plans To Cut Stake
02/17/2012| 06:01pm US/Eastern
By John Letzing
Google Inc. (GOOG) Executive Chairman Eric Schmidt has adopted a trading plan that would cut his ownership stake in the Internet giant to about 2.1% from 2.8%, while potentially netting billions of dollars in proceeds, the company disclosed Friday.
In a regulatory filing, Google said Schmidt, who stepped aside as chief executive in April to make way for Larry Page, adopted the trading plan in November.
Under the terms of the plan, Schmidt intends to sell up to 2.4 million shares.
If those shares were sold at Google's closing price on Friday of $604.64, the sales could net nearly $1.5 billion.
Google shares had fallen 3.3% in the past year as of the close Friday, and were up slightly over the prior three months.
-By John Letzing, Dow Jones Newswires; 415-765-8230; firstname.lastname@example.org