Eric Schmidt announced Thursday he will resign as Google's CEO, handing the title and duties to co-founder Larry Page. Schmidt remains chairman of the board.

Page and co-founder Sergey Brin served as co-presidents of the company until 2001, when Schmidt, a veteran CEO, stepped in to create a triumvirate of leadership power in the then-nascent company. That triumvirate looks like it is still standing, but with Page's elevation it's likely that more power shifts to him.

The announcement came just before Google announced solid earning for the fourth quarter of 2010.

Page will take over CEO duties starting April 4 and, starting immediately, "will now lead product development and technology strategy, his greatest strengths," Schmidt said.

The change comes as Google seeks to find its footing in social media, which will now be job No. 1 for Page.

It's not clear from the announcement whether any disagreements internally prompted the change, but Schmidt says Page is ready to run the company, while Brin will continue focusing on new product ideas, with the title of Co-Founder.

"As Executive Chairman, I will focus wherever I can add the greatest value: externally, on the deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership that are increasingly important given Google’s global reach; and internally as an adviser to Larry and Sergey," Schmidt said in the blog post.

In the nearly 10 years as the CEO, Schmidt has helped lead Google from an innovative search company in search of a real business model into a tech giant with a wide sweep of products and more than $25 billion a year in revenue.

On a conference call with analysts, Schmidt expressed confidence in Page.

"I believe Larry is ready," Schmidt said. "It's time for him to have a shot at running this, and I'm sure he'll do a fantastic job."

Schmidt said there would be no material change in the company's strategy, because "we all agree with each other."

"I believe as a result of this we will execute and operate the business even better," Schmidt said.

During the call, Brin expressed what sounded like genuine admiration for Schmidt's role in Google's success.

"We're all in great debt to Eric," said Brin. "There's really no one else in the universe who could have done what Eric has done."

Photo: Eric Schmidt remains chairman of the board at Google.

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