Saturday, 22 September, 2018

ALPHABET TOTALLY LOSES ITS SCHMIDT: Exec chairman Eric quits

Alphabet executive chairman Eric Schmidt speaks at the 2017 SALT conference in Las Vegas.   Richard Brian  Reuters Alphabet executive chairman Eric Schmidt speaks at the 2017 SALT conference in Las Vegas. Richard Brian Reuters
Judith Alexander | 23 December, 2017, 02:03

Alphabet Inc GOOGL.O said on Thursday its Executive Chairman Eric Schmidt will step down from his position to become a technical adviser as of its next regular board meeting in January.

Schmidt joined Google as CEO back in 2001, when the company had several hundred employees.

"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology", said Alphabet co-founder and CEO Larry Page.

Schmidt's canned response to the valedictory praise offered little in the way of explanation beyond suggesting everyone felt it was time for a change.

Schmidt has many years working alongside founders Larry Page and Sergey Brin to make Google the tech giant that it is now.

He led critical initiatives like the Android mobile operating system and oversaw the 2015 restructuring in which Google became a business unit of the Alphabet holding company.

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"Over 17 years, Eric has been tremendously effective and tireless in guiding our Board, particularly as we restructured from Google to Alphabet". Schmidt noted that he will continue o expand his work in technology issues, philanthropy, and science. And he echoed that in a tweet about his departure.

Eric Schmidt, speaks during a press conference ahead of the Google DeepMind Challenge Match in Seoul, South Korea.

Schmidt departs at a time when Google is still riding high as the world's second-most valuable corporation by market capitalization, behind only Apple.

"I'm incredibly excited about the progress our companies are making and about the strong leaders who are driving that innovation", said Chief Executive Larry Page in a statement. He then became executive chairman of Alphabet in 2015 when Google made a decision to become just one of many businesses in Page and Brin's toybox.

Some gaffes by Schmidt over the years have also received attention.

Alphabet has announced that it plans to appoint a non-executive chairman in the near future.

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