Eric Schmidt is stepping down as executive chairman of Alphabet, the parent company of Google.
The change, which takes effect come January, will see Schmidt transition to the role of technical advisor to the company. He will also continue to serve on its board.
Schmidt, 62, has been with Google for 17 years and played a major role in the restructuring of Google and setting up its parent company, Alphabet, in 2015. Since 2001, he has worked hand-in-hand with co-founders Sergey Brin and Larry Page to build Google into what it is today.
“Larry, Sergey, Sundar (Piachi, Google CEO) 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 press release. “In recent years, I’ve been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work.”
Page, Alphabet’s CEO, said he appreciated all Schmidt has done to help the company.
“Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology,” Page said. “Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues.”
Alphabet’s board of directors is expected to appoint a non-executive chairman.