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.