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

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Alphabet has announced that former Google CEO Eric Schmidt will be stepping down from his role as Alphabet's executive chairman. He served as the company's CEO from August of that year through April 2011, when he became executive chairman of the board of directors at Google.

That would seem to consolidate the power of the company's co-founders, Alphabet CEO Larry Page and Alphabet President Sergey Brin.

"The Alphabet structure is working well, and Google is thriving".

Schmidt, who 17-years-ago stepped in as the adult in the room to guide the then-young company, said he will spend his time working on science and technology issues and philanthropy.

Schmidt was hired as the company's first outside CEO in 2001, having previously served as CEO of Novell, a now-defunct Utah-based software company.

As of Alphabet's next board meeting, the transition will officially begin with the naming of a non-executive chairman - joining major companies Apple and Microsoft with non-executive chairman.

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"Eric has provided us with business and engineering expertise and a clear vision about the future of technology", Alphabet chief Page said in a release.

Alphabet's "Other Bets" businesses include self-driving auto company Waymo, and other technology companies such as Nest, Fiber and Verily.

The long-running case alleged that major tech companies in Silicon Valley had secret agreements not to hire each other's employees, in a move to keep salaries under control.

Rather than directly replace Schmidt, the company said it expects the board to appoint a nonexecutive chairman. A Forbes real-time tracker on Thursday pegged his net worth at $13.8 billion, with most of that held in the form of Alphabet shares.

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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