Prior to the Google initial public offering, Schmidt had responsibilities typically assigned to the CEO of a public company and focused on the management of the vice presidents and the sales organization.
He was granted 14,331,703 shares of Class B common stock at $0.30 per share and 426,892 shares of Series C preferred stock at purchase price of $2.34.
On 20 January 2011, Google announced that Schmidt would step down as the CEO of Google but continue as the executive chairman of the company and act as an adviser to co-founders Page and Brin. that later became the subject of the High-Tech Employee Antitrust Litigation case that resulted in a settlement of $415 million paid by Adobe, Apple, Google and Intel to employees.
In the first, his office was taken apart and rebuilt on a platform in the middle of a pond, complete with a working phone.
The next year, a working Volkswagen Beetle was taken apart and re-assembled in his office.
Founded in 2010 by Schmidt and Dror Berman, Innovation Endeavors is an early-stage venture capital.