Adult Supervision No Longer Required: Eric Schmidt Out at Alphabet

Adult Supervision No Longer Required: Eric Schmidt Out at Alphabet

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 resigned as chief executive in 2011, paving the way for Page to reassume the role of CEO.

"Sergey [Brin], Sundar [Pichai] and I all believe that the time is right in Alphabet's evolution for this transition", said Schmidt in a statement.

When Google restructured in August 2015, forming Alphabet, Schmidt became Alphabet's executive chairman. He also took Twitter to express his feeling and wrote, "After ten years as CEO and seven as Executive Chairman, I can't wait to dive into the latest in science, technology, and philanthropy".

"Eric has provided us with business and engineering expertise and a clear vision about the future of technology", Alphabet chief Page said in a release.

To succeed Schmit, the board is expected to put a non-executive chairman in place.

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

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The group also owns the Other Bets unit, which includes the Waymo driverless vehicle business and the Project Loon WiFi-enabled weather balloon venture.

Google's one-time "adult supervisor" is getting closer to retirement.

The long-running case alleged that major tech companies in Silicon Valley had secret agreements not to hire each other's employees, in a move to keep salaries under control. The company expects to replace him with a non-executive chairman. He will continue to be a member of the company's board and become a technical adviser, Alphabet said.

Schmidt ranks among the world's richest people.

His philanthropic endeavors include the Schmidt Family Foundation established with his wife and focus on challenges such as climate change and protecting the environment.

Alphabet shares ended Thursday 0.25% lower at $1,070.85.

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