Google Executive Chairman Eric Schmidt plans to sell more than 40 percent of his stock in the Internet search leader this year.
The plan disclosed on Friday calls for Mr. Schmidt to sell up to 3.2 million shares. If he were to sell all that stock at Google’s current price, Mr. Schmidt would realize a $2.5 billion windfall.
Mr. Schmidt ended December with 7.6 million Google shares, or a 2.3 per cent stake in the U.S.-based company.
Google co-founders Larry Page and Sergey Brin are the only company executives who own more stock than Mr. Schmidt. Mr. Page controls an 8.7 per cent stake, and Mr. Brin holds an 8.5 per cent stake.
The 57-year-old Schmidt was Google’s CEO for a decade before turning over the job to Mr. Page in April 2011.