Google Founder Back as CEO

Larry Page, who co-founded Google more than a decade ago, will replace Eric Schmidt as CEO of the Internet giant.

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This is probably great news for founders—and for the movement, which seems to be gathering steam among Silicon Valley's investor class, of letting founders take charge of their own companies.

From Google's CEO Eric Schmidt, announcing today that he'd will step down as CEO and turn over day-to-day responsibilities to co-founder Larry Page:

Larry will now lead our product development and technology strategy, his greatest strengths, and starting from April 4 he will take charge of our day-to-day operations as Google's Chief Executive Officer. In this new role I know he will merge Google's technology and business vision brilliantly. I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better! Larry, in my clear opinion, is ready to lead.

Or, as Schmidt put it, beautifully, in a tweet: "Day-to-day adult supervision no longer needed!"

Senior contributing writer Max Chafkin has profiled companies such as Yelp, Zappos, Twitter, Threadless, and Tesla for the magazine. He lives in Brooklyn, New York. @chafkin