(Photo: Mark Lennihan, AP)
SAN FRANCISCO (USA TODAY) - Eric Schmidt, Google's executive chairman, plans to sell company stock holdings currently valued at $2.5 billion.
Google's former CEO this year plans to sell 3.2 million shares of his 7.6 million shares owned as of December 31, 2012, according to Securities and Exchange Commission documents.
Based on Friday's closing price of $785.37 for Google's stock, that would make his cash-out at $2.5 billion, barring taxes and other share costs.
Schmidt's stake in Google gives him roughly 8.2% of its voting rights. Schmidt's sale of Google shares is set to begin under a trading plan this month that would spread transactions over the year to reduce the impact on the stock.
By Scott Martin