Eric Schmidt has stepped down as CEO of Google, making way for co-founder Larry Page.
Page will take over from 4 April, while Schmidt will remain at the company as executive chairman.
Sergey Brin, Google's other co-founder, will step back to focus on new projects.
"For the last 10 years, we have all been equally involved in making decisions," Schmidt said in a post on the Google blog.
"This triumvirate approach has real benefits in terms of shared wisdom, and we will continue to discuss the big decisions among the three of us," he said. "But we have also agreed to clarify our individual roles so there's clear responsibility and accountability at the top of the company."
While Page and Brin founded the company, Schmidt was brought in ten years ago to help manage the business side of Google. "Day-to-day adult supervision no longer needed," Schmidt wrote on his Twitter feed after the announcement.
Now, Schmidt said he will focus on deals, business relationships and working with governments, and still act "as an advisor to Larry and Sergey."
The move comes as Google posted a 29 per cent jump in profit and revenue for the fourth quarter. Net income was £2.54 billion, while revenue was £8.4 billion.
Despite such strong results, many are suggesting the decision to streamline the executive structure is an attempt to make Google more nimble to react to rival Facebook's success.
Analysts also highlighted recent failures at the firm, including Buzz, Wave, and direct sales of the Google Nexus One.
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