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Google slows hiring, Eric Schmidt To Step Down!

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 25, 2008

I think he just disaggreing with the fact that to survive the crisis he will have to be evil. He may not want to be a part of that travel …

These days CEO Eric Schmidt is devoting much of his public-speaking time to pressing for green-energy stimulus plans and discussing the auto industry bailout.this is because he is getting ready to take a position in the Obama Administration.

Green energy is a Good Thing! However, surely he could invest Google’s not insignificant resources into this (maybe that could be the next “product to drive the next wave of growth”?) – wouldn’t that be more fun?

Google Inc. is adding fewer employees and focusing on controlling expenses amid the global economic slump, Chief Executive Officer Eric Schmidt said.

Google is grappling with an economic slowdown that’s curbing growth in the online advertising market, while competition intensifies with Yahoo Inc. and Microsoft Corp. for customers’ budgets. Schmidt said that although the overall ad market may be shrinking, Google benefits from its ability to target specific users.

Google had more than 20,000 regular employees at the end of the third quarter, up from almost 11,000 at the end of 2006. The Mountain View, California-based company added 519 workers in the third quarter, compared with 2,130 in the same period a year earlier.

Google fell $4.99 to $257.44 today in Nasdaq Stock Market trading. The shares have lost 63 percent this year.

Schmidt, who is an adviser to President-elect Barack Obama, said the government needs to stimulate the economy with improvements to the country’s infrastructure, including roads, schools, bridges and power plants.

“We have an opportunity to replace oil and coal and all the traditional kinds of problematic power sources by new technologies invented and powered in the United States, which will create a lot of new jobs,” he said.

Schmidt said the government needed to move quickly with Citigroup Inc., which received a rescue package yesterday that shields the bank from losses on toxic assets and injects $20 billion of capital.

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