Eric Schmidt to step down as boss of Google parent company Alphabet

24 December, 2017, 03:07 | Author: Darren Santiago
  • Google's Eric Schmidt stepping down as executive chairman of Alphabet

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", said Eric 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.

Recommended:



Popular

Celebrities freak out over SpaceX rocket launch
It was the 18th and final launch of 2017 for SpaceX, which has contracted to replace Iridium's system with 75 updated satellites. The reused SpaceX rocket has carried 10 satellites into space from California, leaving behind it a trail of mystery and wonder.

White House Denies Report That Trump Said Haitian Immigrants 'All Have AIDS'
Learning that 2,500 Afghanis had entered the U.S. since his inauguration day, Trump referred to the country as a terrorist haven. Tillerson, the secretary of state, tried to interject, explaining that many were short-term travelers making one-time visits.

LG teases a huge 34-inch 5K monitor ahead of CES 2018
Thunderbolt 3 pot on the monitor will enable transmission of 5K resolution images at 60Hz using a single cable. This one goes up to 5K which is 5120 x 2160 and it is LG's first 21:9 5K UltraWide monitor .

Acclaimed Sportscaster Dick Enberg, a CMU Grad, Dies at 82
He graduated from Central Michigan University and went to pursue Masters and Doctorate degrees from Indiana University. Then in 1975, he was hired by NBC to broadcast college basketball. "That became a monumental event".

Happy winter: It's the shortest day of the year - by a lot!
The winter solstice is the moment that the earth is tilted furthest away from the sun, and it will happen exactly at 11:28 a.m. Tampa will see 10 hours, 22 minutes and 17 seconds of daylight Thursday, which is two seconds shorter than Wednesday.

Mamma Mia! character may be dead
She's playing a grandma, specifically Sophie's ( Amanda Seyfried ), as Sophie is expecting a baby of her own this time around. Radio Times also notes that Cher , who plays Donna's mother in the sequel, wrote on Twitter that Meryl Streep was on the set.

Venus Williams Won't Be Charged from June Car Accident
Williams has not commented publicly on the report reportedly clearing her of blame. "I'm completely speechless", she said. Still, Jerome Barson's estate has filed a wrongful death lawsuit against Williams seeking unspecified damages.

State Health Officials Say Flu Widespread
The ODH recommends everyone age 6 months and older get a flu shot to best protect themselves from the influenza virus. Children should be taught to cover their coughs and stay home when sick, so as not to share their germs.

Donald Trump Slams Washington Post Judge Gorsuch Story as 'Fake News'
One source told the Post that Trump was concerned Gorsuch would not be "loyal" to him. The president did not take kindly to this, and called the newspaper "FAKE NEWS".

MLS to make major announcement in Nashville Wednesday
If either Sacramento or Cincinnati doesn't get a franchise now, they're nailed on to join a year later. A second expansion team will go to Cincinnati , Sacramento or Detroit .