Alphabet's Eric Schmidt to step down as executive chairman

Eric Schmidt Stepping Down as Chairman of Google Parent Company

Eric Schmidt has been working with Alphabet for many years and with Google even longer, filling executive roles along the way.

CEO and company co-founder Larry Page, who took the reins from Schmidt as part of a campaign to put "more wood behind fewer arrows", celebrated his former nanny's contributions to the sprawling global ad biz.

The company said that it plans to appoint a non-executive chairman to replace Schmidt.

Schmidt revealed that he, Larry, Sergey and Sundar agreed the move as in the best interests of the company and its evolution, adding that the Alphabet structure is working well, and that Google and its ancilliary activities "are thriving". Schmidt noted that he will continue o expand his work in technology issues, philanthropy, and science. He helped take Google public in 2004 and built it into a colossus.

Schmidt also had a seat on Apple's board of directors from August 2006 until three years later when Google's ambitions for Android became problematic for Apple. Alphabet has confirmed in a statement to TechCrunch. During his time as CEO at Google, the trio of Schmidt, Page and Brin were jokingly referred to as the "adult supervision".

"I'm incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation", he said. It's in the next quote from Hennessy that it's made clear that the next role Schmidt will have wont be as involved with Alphabet as what he'd been previously.

A new chairman of the board will be appointed for Alphabet.

In October 2015, Alphabet became the parent holding company of Google. Google and its other companies are doing good.

In August, Schmidt thrust Google into a negative spotlight when Barry C. Lynn, a scholar at the New America Foundation, claimed that the executive had forced him out for applauding the European Union's decision to levy a record US$2.7 billion fine against the company.

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