Eric Schmidt Stepping Down as Chairman of Google Parent Company

Eric Schmidt Stepping Down as Chairman of Google Parent Company

Former Google CEO Eric Schmidt is stepping down as Alphabet's executive chairman

He will become a technical adviser to Alphabet and will continue to serve on the board while the company replace him with a non-executive chairman.

Eric Schmidt went from being executive chairman at Google to having the same role at Alphabet.

Schmidt [pictured above], a former engineer who held top executive jobs at Sun Microsystems Inc. and Novell Inc., took the reins of the search giant in 2001 from founders Larry Page and Sergey Brin, who were technically brilliant but were faulted for their management inexperience.

Schmidt said in a statement that he felt the Alphabet structure was working well, with Google and its other bets thriving. About two years ago, Google unveiled a surprise corporate overhaul, forming a new parent company dubbed Alphabet to include internet search and a handful of independent companies.

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A company spokesperson declined to answer further questions about Schmidt leaving the chairman role.

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

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Other companies in the lawsuit which reached earlier settlements included eBay, Lucasfilm, Pixar and Intuit.

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Eric Schmidt has been part of Google since 2001 and presided over the company's transition to Alphabet, with Google itself being spun out as a subsidiary.

Forbes, which ranked Schmidt at No. 119 on its list of the world's billionaires, calculates that the outgoing chairman has net worth of $11.1 billion.

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

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

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Schmidt is also known to speak out on technology issues, expressing concerns about matters such as online spying and barriers to the free-flow of data.

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