Already a Bloomberg.com user?
Sign in with the same account.
Google Inc. (GOOG) Executive Chairman Eric Schmidt said Chief Executive Officer Larry Page has lost his voice and won’t be speaking at three company events, which included the shareholders’ meeting today.
Because of his voice condition, Page won’t speak at the company’s annual developers conference next week, Schmidt said at the meeting in Mountain View, California. Page also won’t be able to talk on the call with analysts when Google, owner of the most popular Internet search engine, makes its second-quarter earnings announcement.
At the meeting, shareholders approved a proposal, announced in April, that lets the company issue new shares without diluting the voting power of Schmidt, Page and his fellow co- founder Sergey Brin. The stock change would create a new class of nonvoting shares that will be distributed to existing shareholders in what is effectively a 2-for-1 stock split.
While the proposal was subject to a vote, it was expected to pass because Page, Brin and Schmidt control the majority of voting power, David Drummond, Google’s chief legal officer, said in an April statement.
Still, pending litigation against the new structure is likely to hold up the proposal’s implementation, and probably won’t be resolved before the fourth quarter, Don Harrison, vice president and deputy general counsel, said today at the meeting.
To contact the reporter on this story: Brian Womack in San Francisco at email@example.com
To contact the editor responsible for this story: Tom Giles at firstname.lastname@example.org