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Google founders to give up majority control in 2014

Posted on Monday, January 25 2010 @ 00:22:59 CET by

Google announced last week that its founders, Larry Page and Sergey Brin, plan to give up majority control of the company by 2014.
Page and Brin currently control 59 percent of the voting power of Google's stock, according to Friday's filing. By the time they have disposed of all the shares involved in the plan, they will control 48 percent of the voting power of Google's stock.

Now, according to Google's 2009 proxy statement, Schmidt owns enough Class B shares to control 9.5 percent of the voting power, so the triumvirate that runs Google still controls more than 50 percent of the voting rights. And when you add up directors and key managers, Google insiders currently own enough stock to control 70.9 percent of the voting rights associated with Google's stock, according to the same proxy statement.
More info at CNET.



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