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Google Chairman Eric Schmidt smiles during a rehearsal of his MacTaggart lecture speech for the Edinburgh International Television Festival in Edinburgh, Scotland August 26, 2011. REUTERS/David Moir

Google Chairman Eric Schmidt smiles during a rehearsal of his MacTaggart lecture speech for the Edinburgh International Television Festival in Edinburgh, Scotland August 26, 2011.

Credit: Reuters/David Moir

SAN FRANCISCO | Fri Feb 8, 2013 5:54pm EST

SAN FRANCISCO (Reuters) - Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company over the coming year, Google announced on Friday.

Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan, Google said in a filing with the U.S. Securities and Exchange Commission.

The plan, which Google said would give Schmidt "individual asset diversification and liquidity," allows Schmidt to spread trades out over a period of one year to reduce the market impact.

Schmidt, who served as Google's Chief Executive until 2011, currently owns roughly 7.6 million shares of Class A and Class B common stock. The shares represent 2.3 percent of Google's outstanding stock and roughly 8.2 percent of the voting power of Google's stock.

Shares of Google, which finished Friday's session at a new closing high of $785.37, were down $2.21 in after hours trading.

(Reporting By Alexei Oreskovic; Editing by Tim Dobbyn)
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Comments (5)
SanPa wrote:
Insiders get out at the top or before the company hits bottom.

Feb 08, 2013 7:31pm EST  --  Report as abuse
badsonnet wrote:
It was a miracle the stock made it back to this level. The market makers are just doing a dance between Google and Apple.

Feb 09, 2013 3:42am EST  --  Report as abuse
canamjay wrote:
Notice how much better looking ole Eric seems already?? Soon to find the love of his life, I am certain..

Feb 09, 2013 5:34pm EST  --  Report as abuse
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