Eric Schmidt steps down as executive chairman of Google's parent Alphabet

24 December, 2017, 03:06 | Author: Brenda Erickson
  • Alphabet executive chairman Eric Schmidt speaks at the 2017 SALT conference in Las Vegas.   Richard Brian  Reuters

Starting at the company's next board meeting in January, Schmidt will move to a "technical advisor" role while continuing to serve on the board, according to Alphabet's statement.

Eric Schmidt will step down as the executive chairman of Google's parent company, Alphabet, the firm announced on Thursday.

Rather than directly replace Schmidt, the company said it expects the board to appoint a nonexecutive chairman.

No reason was provided for the change.

"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition".

Schmidt said in a statement that he felt the Alphabet structure was working well, with Google and its other bets thriving.

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On Schmidt being shifted to technical advisor role, Alphabet chief said, "Eric has provided us with business and engineering expertise and a clear vision about the future of technology".

As chief executive, Schmidt steered Google through its 2004 initial public offering. He also took Twitter to express his feeling and wrote, "After ten years as CEO and seven as Executive Chairman, I can't wait to dive into the latest in science, technology, and philanthropy".

Schmidt was hired as the company's first outside CEO in 2001, having previously served as CEO of Novell, a now-defunct Utah-based software company. The company now has more than 70,000 employees worldwide, with services that include Gmail, Android and YouTube. Schmidt joked he provided the "adult supervision" to the Google team.

Alphabet's "Other Bets" businesses include self-driving auto company Waymo, and other technology companies such as Nest, Fiber and Verily.

Forbes, which ranked Schmidt at No. 119 on its list of the world's billionaires, calculates that the outgoing chairman has net worth of $11.1 billion.



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