Google announced its fourth quarter 2010 earnings. Looking them over quickly, they look good. But that’s the secondary story. The bigger story is that Google announced that co-founder Larry Page will be replacing Eric Schmidt as CEO of the company. This transition will take place April 4, Google says. CNET / Relevant Results: Google’s bombshell announcement that Schmidt, the company’s second CEO but the first to provide “adult supervision” to Page’s and Sergey Brin’s world-changing creation, thrusts Schmidt into a role where he won’t see the Googleplex very often. TechCrunch: Schmidt says he got together with Page and fellow co-founder Brin over the holidays to figure out how to best run the company going forward. In other words, this decision was made very recently, and hasn’t been a long time coming. Silicon Alley Insider: Back in 2009, Schmidt confessed at a press conference in New York that he didn’t know his company acquired Keyhole — now known as Google Earth — until after the fact. The same went for Android. NYT: As it has grown into the dominant company in Silicon Valley, Google has lost some of its entrepreneurial culture and become a slower-moving bureaucracy, analysts and insiders say, in contrast to Facebook, Twitter, and other younger, more agile competitors. CNET / Relevant Results: Back in 2001, Page wasn’t ready to lead Google’s 200 employees. Ten years later, with 24,400 employees, Page takes control of a much more complex operation, and both still have much to prove. AllThingsD / NetworkEffect: Google’s new CEO isn’t much for the social Web. If he has a presence on Twitter, Facebook, or LinkedIn, it’s with deep privacy settings or a fake name. paidContent: Google may insist that Schmidt will remain as involved as ever in the management of the company even though he’s relinquishing the title of CEO, but Schmidt is nevertheless loosening his financial ties to Google — slightly.