Eric Schmidt Is Out as Alphabet's Executive Chairman

The tenure of Eric Schmidt had its own share of problems

Schmidt will be transitioning to a new position as a technical advisor at the company as he continues to serve on Alphabet's board.

Eric Schmidt is stepping down as the executive chairman of Google parent Alphabet in January.

Larry Page, Alphabet's CEO, echoed Schmidt's claim that the time is right for other leaders to contribute to the company's future.

No reason was provided for the change.

Schmidt has worked in senior roles at Google since he was hired by Google co-Founders Sergey Brin and Larry Page in 2001, Schmidt took to Twitter to announce his stepping down, "After ten years as CEO and seven as Executive Chairman, I can't wait to dive into the latest in science, technology, and philanthropy".

"The Alphabet structure is working well, and Google and the Other Bets are thriving", Mr Schmidt said in the statement, referring to the company's ventures outside of its core search business.

To succeed Schmit, the board is expected to put a non-executive chairman in place.

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"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", Schmidt said in a release.

Alphabet, which was formed when Google restructured its operations in 2015, now has more than 70,000 employees worldwide, and owns Google Search, Maps, Ads, Gmail, Android, Chrome, and YouTube.

Schmidt was named chairman of Google in March 2001.

During his tenure, Schmidt wound up at the center of a civil suit in USA federal court over an "anti-poaching" agreement involving tech giants Apple, Google, Intel and Adobe.

Page became chief executive at Alphabet, a holding company for the tech giant's search products and "other bets" such Waymo self-driving vehicle unit; Nest smart home gadgets, and Google Fiber internet service.

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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