CNN.com is reporting that Google CEO Eric Schmidt will step down in April, to be replaced by Google co-founder Larry Page. Schmidt will remain on staff, however, as and advisor.

"We've been talking about how best to simplify our management structure and speed up decision making for a long time," Schmidt said in a prepared statement. "By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company."

On Thursday, Google reported a fourth-quarter profit of $2.5 billion, up 29 percent from one year ago.