Eric Schmidt to step down as boss of Google parent company Alphabet
24 December, 2017, 03:07 | Author: Darren Santiago
Schmidt, who was Google's CEO for a decade before taking over the chairman role and helping oversee Google's transition into Alphabet, will remain on the company's board, but in a "technical advisor" role focused on science and tech projects.
Page and Brin, who founded Google, brought Schmidt on as CEO to help manage the growing company.
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 and the Other Bets are thriving", saidEric Schmidt.
Alphabet, which was formed when Google restructured its operations in 2015, now has more than 70,000 employees worldwide, and owns Google Search, Maps, Ads, Gmail, Android, Chrome, and YouTube.
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.
"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology", Alphabet CEO Larry Page said in a statement.
Alphabet executive chairman Eric Schmidt speaks at the 2017 SALT conference in Las Vegas.
Page became chief executive at Alphabet, a holding company for the tech giant's search products and "other bets" such Waymo self-driving auto unit; Nest smart home gadgets, and Google Fiber internet service. Schmidt joked when he stepped down in 2011 that "day-to-day adult supervision no longer needed!"
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.
Schmidt ranks among the world's richest people. In recent years, Schmidt has taken to philanthropy.
GOOGL closed Thursday's trading session at $1,070.85.
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