Schmidt to step down at Alphabet

Schmidt to step down at Alphabet

A decade later, he would become executive chairman of Google and continued to hold the role when the company underwent a corporate restructure to create Alphabet in 2015. He stepped down from the role to serve as Google - and later Alphabet's - executive chairman, a role he's served in until today.

In 2001, Google brought Eric Schmidt on board as CEO.

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, referring to Page, Alphabet president Sergey Brin, and Google CEO Sundar Pichai.

"Eric has provided us with business and engineering expertise and a clear vision about the future of technology", Alphabet chief Page said in a release.

In its announcement, Alphabet said that it anticipates the board will replace Schmidt with a non-executive chairman.

Schmidt had a long career in the technology industry before he joined Google.

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Schmidt has been spending much his time on science and technology issues, as well as philanthropy, and his new role at Alphabet will help him to expand upon that work. Some of those "other bets" include self-driving cars, smart thermostats and internet-delivering balloons.

Alphabet owns Google Search, Maps, Ads, Gmail, Android, Chrome and Youtube and has more than 70,000 employees.

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.

GOOGL closed Thursday's trading session at $1,070.85.

Schmidt was listed as a donor and advisor to the winning campaign by Barack Obama to become USA president in 2008.

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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