Eric Schmidt steps down as Alphabet's executive chairman

Google's Eric Schmidt stepping down as executive chairman of Alphabet

Eric Schmidt is stepping down as the executive chairman of Alphabet

That will end with the announcement today made by Alphabet which states that Eric Schmidt will step down as Alphabet's Executive Chairman. Leaving the post after 17 years, Schmidt will remain with the company as a technical advisor in science and technology issues. He resigned as chief executive in 2011, paving the way for Page to reassume the role of CEO.

Schmidt joined Google in 2001 as CEO, three years after the search giant was founded by Larry Page and Sergey Brin.

"The Alphabet structure is working well, and Google is thriving".

As of Alphabet's next board meeting, the transition will officially begin with the naming of a non-executive chairman - joining major companies Apple and Microsoft with non-executive chairman.

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"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 (goog). He will continue to serve on the board. The company now has more than 70,000 employees worldwide, with services that include Gmail, Android and YouTube. Schmidt joked when he stepped down in 2011 that "day-to-day adult supervision no longer needed!"

Alphabet's "Other Bets" businesses include self-driving vehicle company Waymo, and other technology companies such as Nest, Fiber and Verily. He was a member of President Barack Obama's Council of Advisors on Science and Technology, and helped the government fix the health care website after a disastrous rollout.

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.

Schmidt is also known to speak out on technology issues, expressing concerns about matters such as online spying and barriers to the free-flow of data.

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