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

24 December, 2017, 03:03 | Author: Janis Wilson
  • Eric Schmidt Stepping Down as Chairman of Google Parent Company

Eric Schmidt has been working with Alphabet for many years and with Google even longer, filling executive roles along the way.

Alphabet announced today that Eric Schmidt is stepping down as the company's executive chairman. He resigned as chief executive in 2011, paving the way for Page to reassume the role of CEO.

He's been with the company since 2001 and previously served as Google's CEO.

No reason was provided for the change.

"Sergey [Brin], Sundar [Pichai] and I all believe that the time is right in Alphabet's evolution for this transition", said Schmidt in a statement.

"The Alphabet structure is working well, and Google and the other bets are thriving", Schmidt said in a statement Thursday.

More news: Sterling hits two-week low as traders focus on Brexit talks

Schmidt's stint as executive chairman is to end at a regularly-scheduled board meeting next month, according to Alphabet. In 2015, Google restructured to become Alphabet and Schmidt assumed the same role at the newly named parent company. He also noted that he'd continue to be expanding his work in science and technology issues and philanthropy.

Eric Schmidt, who helped oversee Google's rise from search startup to global giant, is stepping down as the executive chairman of Alphabet, Google's parent company.

Sundar Pichai was promoted to chief of Google, which includes leading online video-sharing service YouTube. Schmidt joked he provided the "adult supervision" to the Google team.

The group also owns the Other Bets unit, which includes the Waymo driverless auto business and the Project Loon WiFi-enabled weather balloon venture. The business will join Apple and Microsoft who are both huge companies with a non-executive chairman.

The key outlet for that philanthropy has been The Schmidt Family Foundation, founded by Schmidt and his wife Wendy in 2006.


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