Google Executive Chairman Eric Schmidt is set to sell around 42% of his stock in the company, according to a Google filing with the Securities and Exchange Commission. The filing states that Schmidt, who served as the firm's CEO until 2011, will unload up to 3.2 million shares of class A common stock.
At the moment, he owns approximately 7.6 million A shares, or 2.3% of the company's outstanding stock, and 8.2% of voting rights. The share sales will be spread out over the course of a year in order to minimize the impact on the market.
The article Google Ex-CEO to Sell Block of Company Shares originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Google. The Motley Fool recommends Google. The Motley Fool owns shares of Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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