Google Chairman and former CEO Eric Schmidt intends sell about $1.5 billion worth of Google stock, according to a filing with the Securities & Exchange Commission. The sale is part of a pre-arranged trading plan.

Schmidt intends to sell up to 2.4 million shares of Class A stock in Google, whose shares finished the week at $604.64 per share.

As of December 31, 2011, Schmidt owned about 9.1 million shares of Class A and Class B common stock, or 2.8 percent of Google's outstanding capital stock. Following the sale, he'll own about 6.7 million shares, or approximately 2.1 percent of Google's outstanding capital stock.