Eric Schmidt steps down as executive chairman of Alphabet, Google's parent company

Eric Schmidt is stepping down as the executive chairman of Alphabet (parent company of Google), after serving in that function since 2011. Before that, he was the CEO starting in 2001 till that function was taken over by Larry Page.

Schmidt will stay on Alphabet's board of administrators, however solely as a technical adviser on "science and technology" points. 

In the statement saying the shift, Schmidt mentioned that he'd been specializing in these points loads in recent times and now plans to pursue that work in larger depth. Schmidt additionally plans to commit extra time to philanthropy.

No motive was given for the sudden departure, which is able to doubtless result in some hypothesis within the coming weeks. In his tweet saying the information, there was none of the humor he displayed when he stepped down as Google CEO in 2001, joking that "Day-to-day adult supervision [was] no longer needed!"

"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition," Schmidt mentioned in a ready assertion."The Alphabet structure is working well, and Google and the Other Bets are thriving."

Eventually the board will doubtless appoint a "non-executive chairman," however no timeline was given for transition.

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