Eric Schmidt to step down as executive chairman of Google's parent company
24 December, 2017, 03:04 | Author: Shannon Newton
The company says he will become a technical adviser and will continue to sit on the board. Page replaced Schmidt as chief executive a decade later, but Schmidt remained at the head of the board of directors.
No reason was provided for the change.
Added Schmidt, "Larry, Sergey, [Google CEO Sundar Pichai] 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", Schmidt said in a statement Thursday.
Alphabet executive chairman Eric Schmidt speaks at the 2017 SALT conference in Las Vegas.
He was Google's CEO for ten years until 2011, and the chairman of the board from 2001 to 2004, and later from 2007 to 2001.
Schmidt, who 17-years-ago stepped in as the adult in the room to guide the then-young company, said he will spend his time working on science and technology issues and philanthropy. In 2015, Google restructured to become Alphabet and Schmidt assumed the same role at the newly named parent company.
Schmidt has been with Google in some capacity or another since 2001, when he was brought into the company by Sergey Brin and Larry Page.
Facebook and Universal just cut a huge music licensing deal
With those tools in place and this new deal, Facebook is another step closer in its quest to be a destination for high-end video. Initially the partnership will mean that users will be able to upload videos that contain licensed music to the three platforms.
Alphabet's "Other Bets" businesses include self-driving vehicle company Waymo, and other technology companies such as Nest, Fiber and Verily.
Alphabet owns Google Search, Maps, Ads, Gmail, Android, Chrome and Youtube and has more than 70,000 employees. The business will join Apple and Microsoft who are both huge companies with a non-executive chairman.
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. In recent years, Schmidt has taken to philanthropy.
Alphabet shares were down less than a percent in after-hours trading at $1,070.85.
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