Did Schmidt Step Down Because He 'Screwed Up' on Social Media?

Former Google CEO Eric Schmidt made headlines last night after taking the stage at All Things D's D9 conference and taking the blame for missing out on the recent social media boom. The Atlantic Wire's Adam Clark Estes wonders if this admission is tied to Schmidt's recent demotion from chief executive to executive chair, but he didn't miss out on all of the other things that Schmidt said -- about social media, the role of privacy in Google's growth and much more.

On Google's failed social strategy...

Three years ago I wrote memos talking about this general problem... I clearly knew I had to do something and I failed to do it I knew that I had to do something and I failed to do it. A CEO should take responsibility. I screwed up.

On Facebook...

I admire some things [about Facebook]. We missed something -- identity. Facebook great site to spend time with your friends. It's the first way to disambiguate identity -- you need to know who you're dealing with online. From Google's perspective, if there were an alternative, we could use it to make search better, navigation on Android devices, maps we can forecast where you and your friends will be. We'll use technology we're announcing over next while to make our current products better.

Read the full story at The Atlantic Wire.

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