Larry Page takes over as Google CEO

Today will see Larry Page take over the role of chief executive (CEO) at Silicon Valley sweetheart Google.

Page co-founded the company with fellow Stanford University student Sergey Brin in 1998. However, both the "Google Guys" decided to give the CEO position to Eric Schmidt back in 2001 so he could take on the responsibility of day-to-day operations.

Schmidt, a former member of the board of directors at Apple, will stay on as executive chairman of the internet giant, focusing on seeking out deals, especially with public sector partners.

Brin is said to be concentrating on "strategic projects," whilst Page takes the helm.

News of the change in management structure first broke in January, with Schmidt tweeting: "Day-to-day adult supervision no longer needed!"

In a blog post published at the time, Schimdt added: "As Google has grown, managing the business has become more complicated. So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making."

"Over the holidays we decided now was the right moment to make some changes to the way we are structured."

Page sung the praises of his former CEO, saying he had "done an outstanding job."

"His advice and efforts will be invaluable to me as I start in this new role," he added. "Google still has such incredible opportunity we are only at the beginning and I can't wait to get started."

Read Tom Brewster's analysis of how Google will be affected by the change at the top here.