Investors Unperturbed by Google CEO Larry Page’s Health Trouble
Google revealed yesterday that CEO Larry Page had lost his voice and was expected to miss his upcoming public obligations, including next week’s I/O developer conference and the company’s next quarterly earnings call, which is usually held halfway through July.
Investors don’t seem to be too shaken up by the news, vague as it may be. Shares of Google are trading relatively flat on Friday, having popped up a few dollars after dipping yesterday at close of markets. The current price is $568.25, up $3.04.
The descriptive medical term for losing one’s voice is dysphonia, and it can be caused by laryngitis, nodules on the vocal chords, stress and other conditions. The initial treatment is rest, which is what Page appears to be doing.
J.P. Morgan analyst Doug Anmuth said in a research email, “We have no specific reason to think there is anything more to Larry’s condition, but we find it odd that the company would already rule him out of the 2Q call which is likely still a few weeks away. We think this could raise some questions among investors. We note that Larry does not appear to have posted on Google+ since May 25.”
Here’s Google Executive Chairman Eric Schmidt’s full comment to Google shareholders from the opening of their annual meeting on Thursday.
I wanted to start by saying that Larry is very sorry he cannot be here today. He’s unfortunately lost his voice. This means he can’t do any public speaking engagements for the time and that includes this shareholder meeting obviously, I/O — which is our developer conference next week — and our earnings call in mid-July.
That said, of course Larry will continue to run the company, he’s running all the strategic business, decisions and all that, just like today.
In fact, Sergey [Brin], this is important to note, has said this problem will make Larry a better CEO, because he is going to have to choose his words very carefully. And we wish him obviously a quick recovery.