Google's Eric Schmidt stepping down as executive chairman of Alphabet

The tenure of Eric Schmidt had its own share of problems

The tenure of Eric Schmidt had its own share of problems

The 62-year-old billionaire will become a technical adviser and will continue to sit on the board of the company that was formed to contain Google and its sprawling so-called "moonshot" subsidiary businesses in 2015.

(GOOG, GOOGL) announced that Eric Schmidt will be transitioning from his position as Executive Chairman of the board, becoming a technical advisor, as of its next regular board meeting in January 2018. Schmidt was named Google CEO in 2001 and moved to the executive chairman role in 2011, staying there through the transition to the new Alphabet structure.

No reason was provided for the change.

Eric Schmidt commented that, "Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition".

"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.

CNBC reports that Schmidt's new role will likely include advising "the company's urban development arm, Sidewalk Labs, its deep learning efforts, and its healthcare spin-offs, Verily and Calico".

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Schmidt, Page, and Brin were considered a power triumvirate in control of Google.

Page and Brin, who founded Google, brought Schmidt on as CEO to help manage the growing company.

In its announcement, Alphabet said that it anticipates the board will replace Schmidt with a non-executive chairman.

Alphabet owns Google Search, Maps, Ads, Gmail, Android, Chrome and Youtube and has more than 70,000 employees.

The lawsuit, which led to a $415 million settlement, alleged that the late Apple chief Steve Jobs, Google chairman Schmidt and other tech executives were part of the conspiracy. In recent years, Schmidt has taken to philanthropy.

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

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