Published: Sun, December 24, 2017
Industry | By Johnnie Johnson

Eric Schmidt Stepping Down as Chairman of Google Parent Company

Eric Schmidt Stepping Down as Chairman of Google Parent Company

Schmidt will remain on Alphabet's board and serve as a technical adviser to the company, whose holdings include Google, YouTube, Nest, and Waymo.

Google announced Schmidt is planning on stepping down as executive chairman, and will continue with the company in a technical advisory role.

The company plans to appoint a new chairman to the board.

Not Released

No reason was provided for the change.

Google co-founders Larry Page and Sergey Brin, Google Chief Executive Sundar Pichai "and I all believe that the time is right in Alphabet's evolution for this transition", Mr. Schmidt said in the statement.

"The Alphabet structure is working well, and Google and the other bets are thriving", Schmidt said in a statement Thursday.

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Alphabet made the announcement in a press release this afternoon, touting Schmidt's vision and accomplishments throughout his 17-year tenure. In 2015, Google restructured to become Alphabet and Schmidt assumed the same role at the newly named parent company.

He was Google's CEO for ten years until 2011, and the chairman of the board from 2001 to 2004, and later from 2007 to 2001.

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The lawsuit, which led to a $415 million settlement, alleged that the late Apple chief Steve Jobs, Google chairman Schmidt and other tech executives were part of the conspiracy.

Alphabet shares were down less than a percent in after-hours trading at $1,070.85.

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The key outlet for that philanthropy has been The Schmidt Family Foundation, founded by Schmidt and his wife Wendy in 2006.

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