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Eric Schmidt Files for Permission to Sell 5.9% of His Google Shares

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Outgoing Google CEO Eric Schmidt
Outgoing Google Chief Executive Officer Eric Schmidt. Photographer: Tony Avelar/Bloomberg

Jan. 21 (Bloomberg) -- Eric Schmidt, who is stepping down as chief executive officer of Google Inc., filed for permission to sell about 5.9 percent of his stock in the company. The stock is valued at about $329 million.

The so-called Rule 10b5-1 trading plan was disclosed in a filing with the Securities and Exchange Commission yesterday. He owned about 9.2 million Google shares as of Dec. 31, and the plan would let him sell about 534,000.

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To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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