Eric Schmidt , Google’s CEO recently announced that he will be stepping down from that role. Co-founder Larry Page will take over as the new CEO for Google in April.

Schmidt announced his decision on the Google Blog. He leaves with a 100 million “ golden parachute” payment.

Schmidt will take on the new role of Google’s executive chairman as of April 4th . Quoting Schmidt ““I believe Larry is ready. His ideas are very interesting and clever and it’s time for him to have a shot at running this.”

The reaction from the search engine community has been swift . Danny Sullivan from Search Engine Land drafted a To do List for Google’s New CEO , the atlantic wire was rife with their own theories on the move.

The new CEO Larry Page definitely has his task cut out for him. With problems in China, the failure of Google Buzz and recent lawsuits related to privacy claims are just some of the challenges that Larry will have to deal with.

Is this a temporary move, will Google get a new CEO , remains to be seen !!!