Eric Schmidt Steps Down as Executive Chairman of Google-Parent Alphabet

Eric Schmidt Steps Down as Executive Chairman of Google-Parent Alphabet

One of the most recognizable names in the technology industry will be taking more a backseat role at Google, as Eric Schmidt steps down as Executive Chairman.

The tech giant will appoint a new non-executive chairman to replace Schmidt in the near future.

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.

Schmidt, who was recruited to the company by Google Co-founders Larry Page and Sergey Brin, served as chief executive of the company from 2001 through 2011. He also said that he will be putting a larger focus on science, technology and philanthropy moving forward.

It is certainly an end of an era. He helped take Google public in 2004 and built it into a colossus.

Alphabet has confirmed the move with TechCrunch, offering up a statement from Schmidt.

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"Continuing his 17 years of service to the company, he'll now be helping us as a technical advisor on science and technology issues", Page added. Schmidt had previously worked at Sun Microsystems and Novell before being hired by Brin and Page to run the company. "I'm incredible excited about the progress our companies are making, and about the strong leaders who are driving that innovation".

Through a Google spokesman, Schmidt declined to comment.

Alphabet Inc shares were unchanged in premarket trading Friday. The former Google CEO has supported many Democratic politicians, and prominently represented Google on policy matters. Considering the growing influence of the "Other bets" business unit in Google, this might not be the last time you hear from the man. Google and its other companies are doing good. In recent years, Schmidt has taken to philanthropy.

Google has also had to tamp down reports that Schmidt sought to remove personal information, including about political donations, from the search engine, which he has denied.

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

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