Outgoing chief executive officer (CEO) of Google Eric Schmidt has stated that Facebook's internet marketing services are not a threat to his company's business.

Speaking at the World Economic Forum in Davos, Switzerland, Mr Schmidt denounced rumours that a shake-up of management at the company was down to competitors.

Describing such speculation as "completely false", he added that "the next ten years will be as successful as the past ten. We're going to run this way for a while", CNN Money reported.

He also dismissed the possibility of Facebook challenging Google for advertising revenue, saying that he considered Microsoft to pose more competition to the firm.

Mr Schmidt added that he is still a full-time employee of the organisation and public ideas that he is effectively stepping aside had resulted from a misinterpretation of his new role.

Larry Page will take over as CEO of the company on April 4th, while Mr Schmidt will become executive chairman.

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