San Francisco Chronicle
Schmidt steps down as Alphabet chairman
Former Google CEO will become technical adviser to Internet giant
Alphabet said Eric Schmidt is stepping down as executive chairman, ending a 17-year run that saw Google grow from a Web search engine into an Internet giant that dominates online advertising and video streaming.
Schmidt, 62, will become a technical adviser to parent company Alphabet while continuing to serve as a director, the company said Thursday. Alphabet expects the board to appoint a non-executive chair.
Schmidt served as Google’s CEO for 10 years until 2011, when he handed the reins to co-founder Larry Page. He was initially brought in as
chairman to add more seasoned leadership to the fast-growing Mountain View startup, as the “adult supervision” for the younger adults then running Google. Alphabet, now the secondlargest company in the world by market value, now has Schmidt spending more time representing Google externally and working on his philanthropy. He owns about 1.3 percent of the company.
“The Alphabet structure is working well, and Google and the Other Bets are thriving,” Schmidt said. “In recent years, I’ve been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work.”