Google boss Schmidt to sell roughly 42 percent of stake in firm

Google boss Schmidt to sell roughly 42 percent of stake in firm Washington, Feb 9 : Google's executive chairman Eric Schmidt is selling roughly 42 percent of his stake in the firm over the coming year.

Schmidt will sell 3.2 million shares of Class A common stock through a stock trading plan.

Google made the revelation in a filing with the U. S. Securities and Exchange Commission, Fox News reports.

Google said the plan would give Schmidt `individual asset diversification and liquidity.'

It would allow Schmidt to spread trades out over a period of one year to reduce the market impact, the report added.

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. (ANI)