It was an eye-opening piece of work, outlining an unconventional company with ambitious plans. Larry Page himself authored the letter, declaring that Google was different and intended to stay that way.
Page told prospective shareholders, "Google is not a conventional company. We do not intend to become one. Throughout Google's evolution as a privately held company, we have managed Google differently. We have also emphasized an atmosphere of creativity and challenge, which has helped us provide unbiased, accurate and free access to information for those who rely on us around the world."
Google declared its independence from Wall Street in numerous ways, one of which was refusing to provide advance information to analysts on future financial performance. Google left Wall Street to figure it out for itself. "We don't provide guidance," declared Eric Schmidt. "We don't want to get in the way of running the business and guidance could limit that if they give quarterly lines." Google would make all decisions for the best long-term interest of shareholders, even if quarterly earnings turned out to be bumpy.
Most shocking, the company named no chief executive officer, and the post would remain open until they got around to selecting one. Eric Schmidt would serve as chairman of the executive committee, giving him power over ceremonial and legal issues.
When the SEC first received Google's S1, the commission was not pleased. It asked for multiple changes to the ...