Google Alphabet's Executive Chairman 'Eric Schmidt' steps down

Executive Chairman of Alphabet Schmidt speaks during a press conference where Alphabet Inc the owner of Google announced the project

Executive Chairman of Alphabet Schmidt speaks during a press conference where Alphabet Inc the owner of Google announced the project"Sidewalk Toronto, in Toronto

Billionaire Eric Schmidt will be stepping down as executive chairman of Google's parent company Alphabet, it was announced Thursday.

Eric Schmidt has a long and storied career but was able to make a bigger name for himself at Google before he was transitioned as an executive chairman at Alphabet.

The new role for Eric, that of a technical advisor is again something that perhaps comes to him most naturally, having done the same for the past 17 years that he has been associated with Google.

Added Schmidt, "Larry, Sergey, [Google CEO Sundar Pichai] and I all believe that the time is right in Alphabet's evolution for this transition". Schmidt noted that he will continue o expand his work in technology issues, philanthropy, and science.

Schmidt made the decision with Google's founders Page and Sergey Brin and Indian-born Google CEO Sundar Pichai.

It is certainly an end of an era. Schmidt was instrumental to growing the company from a Mountain View, California, internet search startup into a publicly traded, global business with multiple products and business units, former Google employees said.

He took the company public in 2004.

Schmidt was often the face of Google and Alphabet with policymakers.

"I'm incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation", he said. Page had previously worked at Sun Microsystems and Novell before being hired by Page and Brin in 2011 to run the company. Schmidt joked he provided the "adult supervision" to the Google team. He also provided technical assistance to Hilary Clinton's campaign during the 2016 Presidential race. Four years later, the company restructured to form Alphabet as the parent company of Google and other subsidiary organizations.

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

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

"If you have something that you don't want anyone to know, maybe you shouldn't be doing it in the first place".

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