Google parent company Alphabet's executive chairman is stepping down

23 December, 2017, 02:03 | Author: Samuel Hayes
  • Alphabet Executive Chairman Eric Schmidt just stepped down

Eric Schmidt has quit as executive chairman of Alphabet, Google's post-restructuring parent.

It said in a statement on Thursday that Schmidt will become a technical adviser to the company while continuing to serve on its board, Xinhua news agency reported.

The decision of leaving such important role was made after consulting with Google's founders Larey Page and Sergey Brin, as well as Google CEO Sundar Pichai.

Schmidt, who Forbes ranked Schmidt as the 119th-richest person in the world in 2017, served as the CEO of Google from 2001 to 2011, a period which laid down the foundations for Google's dominance today.

"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", said Schmidt.

He took the company public in 2004.

Schmidt took over the helm when Google was a three-year-old company run by the relatively inexperienced Brin and Page.

More news: The Apple Watch 4 could get a proven, life-saving feature

Google is still the main contributor of Alphabet's revenue and income.

You can read the entirety of the statement over on Alphabet's investor site. Schmidt joked he provided the "adult supervision" to the Google team.

Schmidt has been marginalised over time at Alphabet through a combination of its changing leadership, the shifting political environment in the United States, and his own personal gaffes, according to people familiar with the company, who spoke on the condition of anonymity because they were not authorised to speak publicly.

He also gave money and technical assistance to Hillary Clinton's campaign team during the 2016 presidential race. Four years later, the company restructured to form Alphabet as the parent company of Google and other subsidiary organizations.

Like many high-profile tech figures, Schmidt has increasingly turned his hand to philanthropy.

The company is also in the midst of a nightmare with the European Commission.

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