Schmidt, now Google’s executive chairman, intends to stagger the sales of the stock over a one-year period. Google disclosed Schmidt’s plans in a Friday regulatory filing. The company said Schmidt, 56, is trying to raise some money and diversify his investment portfolio.
Page and co-founder Sergey Brin filed plans to sell 5 million Google shares apiece in 2010. Those sales are scheduled to be completed in 2015.
Together, Page, Brin and Schmidt hold the majority of shareholder voting power at Google. They will retain that control even after they reduce their stakes. All three have been billionaires since Google went public in 2004.