This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Google CEO for Commerce Secretary: Rumor

Stocks in this article: GOOG AAPL

MOUNTAIN VIEW, Calif. ( TheStreet) -- Google's (GOOG) outgoing CEO Eric Schmidt is being considered for the role of U.S. Secretary of Commerce, according to Bloomberg.

The current Commerce chief, Gary Locke, is being nominated to serve as U.S. ambassador to China, prompting chatter about his possible successor.

Google CEO Eric Schmidt is being considered for the role of Commerce Secretary, according to Bloomberg.

Citing a person familiar with the matter, Bloomberg reports that the search for the new Commerce Secretary is in its initial stages, with former Pfizer (PFE) CEO Jeffrey Kindler also among the potential candidates. Another person told Bloomberg that U.S. trade representative Ron Kirk is also a contender for the job.

A vocal and high-profile Obama supporter, Schmidt was first touted by the media for a cabinet-level technology role back in 2008, but the CEO publicly stated his desire to stay with Google.

Google announced earlier this year that co-founder Larry Page will replace Schmidt as CEO on April 4. Schmidt, it said, will assume the role of Executive Chairman, serving as an advisor to Page and co-founder Brin.

A one-time member of the Apple (AAPL) board, Schmidt was CEO of Novell and CTO of Sun Microsystems prior to joining Google in 2001. The Princeton grad subsequently guided the search behemoth through its huge IPO in 2004, and has been at the forefront of the company's recent censorship struggles in China.

In addition to his business and technology expertise, the Google chief also has Washington know-how. Widely regarded as the president's biggest ally in Silicon Valley, Schmidt is a member of Obama's Council of Advisors on Science and Technology.

The Google boss was included in a group of tech sector heavyweights -- along with Apple supremo Steve Jobs and Facebook's Mark Zuckerberg -- that met President Obama last month to discuss Silicon Valley's role in America's future economic growth.

Google has not yet responded to TheStreet's request for comment on this story.

Shares of Google fell $9.22, or 1.56%, to $582.55 on Thursday, mirroring the broader retreat in tech stocks that saw the Nasdaq slip 1.89%.

--Written by James Rogers in New York.

>To follow the writer on Twitter, go to

>To submit a news tip, send an email to:

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs