Google Inc. Executive Chairman Eric Schmidt plans to sell up to 42 percent of his stake in the search-engine company, worth around $2.5 billion at the current share price.

The California-based Internet powerhouse made the announcement in a filing Friday with the Securities and Exchange Commission, saying the sale would occur in the coming year.

Schmidt, who was Google's chief executive for 10 years through 2011, currently holds some 7.6 million Class A and Class B shares in the technology company, or roughly 2.3 percent of its outstanding stock.

Google's share price, which has risen 11.03 percent since the start of the year and 31.7 percent over the past 12 months, reached a record high of $786.67 on Friday. EFE