Eric Schmidt Steps Down From Alphabet 12/22/2017

Alphabet Chairman Eric Schmidt will step down as executive chairman and transition to the role of technical advisor, while continuing to serve on the board, the company announced Thursday.

"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology," said Larry Page, Alphabet CEO. "Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues."

Schmidt believes the Alphabet structure works well, and Google and the Other Bets are thriving.

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

Alphabet expects that its board will appoint a new, non-executive chairman at its next meeting in January.

At least one media outlet has speculated that John Hennessy, Stanford University president and a member of Alphabet's board since 2004, could be on the list as a potential candidate to take Schmidt's place as chairman.