Google had their quarterly earnings release today and along with it they've announced their top-level management structure, with co-founder Larry Page replacing Eric Schmidt as CEO as of April 4th.

Page will handle the day-to-day operations while Schmidt will become Executive Chairman and focus on business deals, partnerships and outreach. Co-founder Sergey Brin will use his power for new and strategic product efforts.

- Starting from April 4, Larry Page, Google Co-Founder, will take charge of Google's day-to-day operations as Chief Executive Officer.

- Sergey Brin, Google Co-Founder, will devote his energy to strategic projects, in particular working on new products.

- Eric Schmidt will assume the role of Executive Chairman, focusing externally on deals, partnerships, customers and broader business relationships, government outreach and technology thought leadership--all of which are increasingly important given Google's global reach. Internally, he will continue to act as an advisor to Larry and Sergey.

Commenting on these changes, Eric said: "We've been talking about how best to simplify our management structure and speed up decision making for a long time. By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company. In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come."