Eric Schmidt: I'll still be at Google for another decade

Google's outgoing chief executive Eric Schmidt expects to spend another 10 years at the company after his surprise handover of power.

Schmidt, who oversaw the web search giant's meteoric rise, will focus on deals and Google's public image as executive chairman from April.

"I'm very personally excited about my next decade at Google," he told a media conference today.

He said last week that his move to step aside for Larry Page, who founded Google with Sergey Brin, was an effort to speed up decision-making. He is set to get a $100 million equity award, his first since joining the company in 2001, which will vest over four years and includes stock units and options.

Schmidt also said the group would hire thousands of staff this year in response to accusations that it has struggled to retain its best talent.

Google last week reported earnings and revenue that far exceeded expectations but has struggled with competition in social networking from companies such as Facebook and Twitter.

"Our retention has been actually the same and our retention has been exactly the same for seven years," said Schmidt.

Schmidt will spend more time on working wth governments. "We've got very complicated government issues," he said. Google threatened to pull out of China last year after a high-profile hacking case but came to an agreement with the government in June and now runs a reduced service.

"I think it's stable, Schmidt said, but added: "You never know. It's possible for the government of China to cause us not to work."