Google executive chairman Eric Schmidt plans to tell more than 40 percent of his stake in the internet giant, according to a regulatory filing.
Schmidt will sell 3.2 million shares of stock, valued at $2.5 billion, over the next year, the Wall Street Journal reported on Friday night. Schmidt owned 7.6 million shares as of Dec. 31.
Google said in the filing that Schmidt is selling the shares "as part of his long-term strategy for individual asset diversification and liquidity."
"This is a routine diversification of assets and Eric remains completely committed to Google," a Google spokeswoman said in an email to the Journal. Google did not immediately respond to requests from TheWrap for comment.
The 57-year-old joined Google as CEO in 2001 and has sold about 1.8 million shares over the past year. Schmidt's plan to sell the additional shares this year will mean the executive halved his holdings in the company over the last two years.