Eric Schmidt announced that he will step down as an executive chairman of Alphabet on December 21. Schmidt has been associated with the company for 17 years and will remain as a board member and technical adviser.
Making an announcement through Twitter, the 62-years old Schmidt twitted, “After ten years as CEO and seven as executive chairman, I can’t wait to dive into the latest in science, technology, and philanthropy. I look forward to working with Larry and Sergey on our future here at Alphabet.”
Commenting on his contribution, Larry Page, CEO of Alphabet, said in a statement, “Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology.”
The Alphabet board needs to a non-executive chairman to succeed Eric Schmidt.
Referring to Larry Page, Alphabet President Sergey Brin, and Google CEO Sundar Pichai, Schmidt said, “Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition. 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.”
Schmidt was appointed as chairman of Google in March 2001. His tenure as the company’s CEO was from August 2001 to April 2011. After that, he was appointed as executive chairman of the board of directors at Google.
After the restructuring Google and forming Alphabet in August 2015, Schmidt was appointed as Alphabet’s executive chairman. Founders of Google, Page and Brin, brought appointed him as CEO for assistance in managing the growing company.
According to Forbes, Schmidt is at No. 119 on the list of the world’s billionaires and has net worth of $11.1 billion.