RANCHO PALOS VERDES, California—Former Google CEO Eric Schmidt regards his inaction on the competitive threat posed by Facebook as his biggest mistake during the decade he was running the Internet search leader.
In a late Tuesday appearance at the D: All Things Digital conference, Schmidt said he started writing memos four years ago to emphasize the need for Google to develop more ways to connect friends and family online the way Facebook does on its online social network.
But Schmidt said he and other managers didn’t do enough to challenge Facebook. “I screwed up,” Schmidt said.
Google co-founder Larry Page replaced Schmidt as CEO April 4. Since then, Page has made social networking one of the company’s top priorities.
Schmidt still works closely with Page as Google’s executive chairman.