Eric Schmidt steps down as Executive Chairman of Google’s Alphabet

Long time executive Chairman of Alphabet, Eric Schmidt, is stepping down from the post of executive chairman of Alphabet’s board of directors. He will become a technical advisor to Alphabet.

In a statement, Eric confirmed this stating that “Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition.  “The Alphabet structure is working well, and Google and the Other Bets are thriving. In recent years, I’ve been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work.”

Eric joined up with Google in 2001, as the CEO at the request of founders Larry Page and Sergey Brin. He handed over the reins to Page in 2011. Four years later, when Google restructured to form Alphabet, Page became its CEO, with Sundar Pichai stepping in to take over Google.

Here is the full statement from Alphabet on its site about this;

Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced that, as of its next regular board meeting in January 2018, Eric Schmidt will be transitioning from his position as Executive Chairman of the Board of Directors, becoming a technical advisor to the company while continuing to serve on its board.

“Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology,” said Larry Page, CEO of Alphabet. “Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation.”

“Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition. The Alphabet structure is working well, and Google and the Other Bets are thriving,” said Eric Schmidt. “In recent years, I’ve been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work.”

“Over 17 years, Eric has been tremendously effective and tireless in guiding our Board, particularly as we restructured from Google to Alphabet. He’ll now be able to bring that same focus and energy to his other passions, while continuing to advise Alphabet,” said John Hennessy, a member of Alphabet’s Board since 2004 and the lead independent director since 2007.

The company anticipates that the Board will appoint a non-executive chairman.