{{With Google’s stock hovering at record highs, Executive Chairman Eric Schmidt plans to sell more than 40 percent of his stock in the Internet search leader this year.}}<\/p>\n
The plan disclosed Friday calls for Schmidt to sell up to 3.2 million shares. If he were to sell all that stock at Google’s current price, Schmidt would realize a $2.5 billion windfall.<\/p>\n
Schmidt ended December with 7.6 million Google shares, or a 2.3 percent stake in the Mountain View, California, company.<\/p>\n
He would be left with about 4.4 million shares of Google stock worth another $3.5 billion if he follows through on his divestiture plan for this year. <\/p>\n
He has gradually been winnowing his holdings in Google in recent years, without giving a specific reason.<\/p>\n
Google Inc. declined to comment Friday.<\/p>\n
Google’s stock rose $11.42 to close at $785.37 Friday. Earlier in the day, it traded at $786.67 _ its highest price since the company went public at $85 per share in August 2004.<\/p>\n
Google co-founders Larry Page and Sergey Brin are the only company executives who own more stock than Schmidt.<\/p>\n
Page controls an 8.7 percent stake and Brin holds an 8.5 percent stake. Each stake is currently worth nearly $20 billion.<\/p>\n
Schmidt, 57, was Google’s CEO for a decade before turning over the job to Page, 39, in April 2011.<\/p>\n
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