Alphabet Chairman Eric Schmidt Stepping Down

Alphabet Inc., the parent of Google, announced that its chairman Eric Schmidt was stepping. Schmidt, who has worked 17 years with the company, will remain as a member of the board and continue as one of the company’s technical advisers.

Larry Page the CEO at Alphabet in a prepared statement said that since 2001 Schmidt has provided the company with expertise in both engineering and business as well as a clear vision about technology’s future.

Schmidt in his statement said the Sundar, Sergey, Larry and he all believed the time was right in the evolution of Alphabet for the transition. Schmidt was referring to Google CEO Sundar Pichai, Alphabet President Sergey Brin and Page.

Schmidt said that over the last few years he has spent a great deal of time on technology and science issues, as well as philanthropy and is planning to expand that.

After ten years being CEO and another seven as the executive chairman it is time to move into technology, science and philanthropy, added Schmidt in a tweet.

The board will succeed Schmidt by putting a non-executive chairman to replace him. This shakeup comes following a quarter that was very strong for the company. In October, Alphabet posted sales of more than $27.8 billion for its third quarter, representing an increase of 24% from the same three month period one year ago.

Growth in sales, amongst the best in most recent quarters, was pushed by the continued traction by Google of serving ads on YouTube and mobile devices.

Schmidt became chairman in March of 2001. He served as the CEO at the company from August of 2001 until the end of April 2011. At that time he became the executive chair of Google’s board of directors.

When a restructuring took place at Google in August of 2015, forming parent company Alphabet, Schmidt took over as executive chairman of Alphabet.

Brin and Page, the founders of Google, brought on Schmidt as the CEO to manage the expanding company. Schmidt used to joke in 2011 when he stepped down that day to day supervision is no longer needed.

Schmidt has been politically active as the CEO. He was part of the Council of Advisors for Science and Technology set up by President Barack Obama, and took part in helping the government to fix the healthcare website following the disastrous rollout.

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