In what will mark the first major corporate shift since Google's early days, the Internet search giant Thursday announced that its CEO Eric Schmidt - who has been heading the company for over a decade - will be replaced by one of the co-founders, Larry Page.

As a result of the change, Schmidt - who joined the company in 2001; and has been instrumental in its stupendous success - will assume the responsibility of the executive chairman of the company; while co-founder Sergey Brin will handle new and strategic products.

The move, which will become effective from April, will largely determine whether Page, a reserved person who loves intellectual challenges, has developed the skills required for handling the day-to-day drudge operations, as well as the internal politics and external showmanship which are a part and parcel of a CEO's job.

Though there has been no official disclosure from Google for the reason behind the change of power at the helm, the company has merely said that the move is part of its attempt to "streamline decision making and create clearer lines of responsibility and accountability."

Describing the changes at Google more of a `growing up' rather than a `shake up', Harvard Business School professor Rosabeth Moss Kanter elaborated: "Eric Schmidt has been the adult supervision at Google for 10 years, and now it's time for the founders to take over. That's what this is."