Google (NASDAQ:GOOG) Co-Founder Larry Page Replacing CEO Eric Schmidt

After a huge quarterly win by Google (NASDAQ:GOOG), a major announcement was made that CEO Eric Schmidt was being replaced by co-founder Larry Page.

Schmidt will reportedly stay on in the role of Executive Chairman. The change will be implemented on April 4.

Google's earnings for the quarter were $8.75 a share, easily beating analysts' estimates of $8.09 a share. Concerning revenue, analysts had been looking for $6.06 billion in the quarter, but Google was able to generate 6.37 billion.

Google closed the day at $626.77, losing $4.98, or 0.79 percent. Google was soaring in after hours trading.