Eric Schmidt is stepping down as Alphabet's Executive Chairman

24 December, 2017, 03:07 | Author: Juana Mckenzie
  • Eric Schmidt will step down from his post as executive chairman of Google parent company Alphabet in January

Eric Schmidt will step down as executive chairman of Google-parent Apple in January, taking on a role as technical advisor to the company.

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. He served as CEO until 2011, when he transitioned to become executive chairman, allowing co-founder Larry Page to become CEO.

Mr Schmidt said that he, Google founders Larry Page and Sergey Brin, as well as chief executive Sundar Pichai, "believe that the time is right in Alphabet's evolution for this transition".

"The Alphabet structure is working well, and Google is thriving".

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Schmidt has been a key figure at Google for some 17 years.

Then, Schmidt's role changed and he became executive chairman and travelled the world.

"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology", said Larry Page, CEO of Alphabet in a statement. The company now has more than 70,000 employees worldwide, with services that include Gmail, Android and YouTube.

Google's one-time "adult supervisor" is getting closer to retirement. The company expects to replace him with a non-executive chairman.

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Other companies in the lawsuit which reached earlier settlements included eBay, Lucasfilm, Pixar and Intuit.

According to the company's latest proxy filings from April, Schmidt held shares worth about $4.9 billion and maintained 5.6 percent voting control over the company.

Alphabet shares were down less than a percent in after-hours trading at $1,070.85. In recent years, Schmidt has taken to philanthropy.

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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