×

Eric Schmidt to Step Down as Executive Chairman of Google’s Parent, Alphabet

Eric Schmidt, after 17 years with Google and Alphabet, will exit his post as executive chairman of the company in January 2018.

Schmidt will continue to serve on Alphabet’s board, while he will become a “technical adviser” to the company on science and technology issues. Alphabet said it expects the board to appoint a non-executive chairman to replace him.

Schmidt, 62, joined Google as chairman and CEO to provide so-called “adult supervision” to run the company founded by Stanford students Larry Page and Sergey Brin in September 1998.

“Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology,” Larry Page, CEO of Alphabet, said in a statement. “I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation.”

Schmidt, in a statement, said “Larry, Sergey, Sundar [Pichai, Google’s CEO] and I all believe that the time is right in Alphabet’s evolution for this transition. The Alphabet structure is working well, and Google and the Other Bets are thriving.” The company’s Other Bets segment includes Nest, Verily, Google Fiber and self-driving car unit Waymo.

Alphabet has more than 70,000 employees worldwide. In October 2015, Alphabet became the parent holding company of Google.

Schmidt has a current net worth of $13.8 billion, most of which is tied to Alphabet stock, according to Forbes. Before joining Google, Schmidt was CEO of networking-software maker Novell. He also previously worked at Sun Microsystems.

More Digital

  • Discovery Names Andrew Georgiou Eurosport and

    Discovery Taps Andrew Georgiou as Eurosport and Sports Rights Boss

    Andrew Georgiou has been appointed president of Discovery-owned Eurosport. The sports channels and streaming service has been without a chief since Peter Hutton left for Facebook. Georgiou assumes a wider role than Hutton, running Eurosport as well as overseeing sports rights and marketing across Discovery. It has been moving aggressively into the sports sector, licensing [...]

  • Can a Studio Make Movies for

    Listen: Can a Studio Make Movies for VR?

    STX Entertainment is best known for movies like “The Upside” and “Ugly Dolls,” but it also has a division dedicated to creating virtual-reality movies like the recent action short “The Limit.” STXsurreal is working on over a dozen films in a variety of genres, according to its founders, Rick Rey (pictured, right) and Andy Vick. [...]

  • Kathryn Friedrich

    Condé Nast Entertainment Taps Ex-RYOT Studio Head Kathryn Friedrich for New Role

    Condé Nast Entertainment hired Kathryn Friedrich, a YouTube and Google alum who most recently headed Verizon’s RYOT Studio, to the newly created role of EVP, operations and general manager. Friedrich started in the new gig this week, reporting to Condé Nast Entertainment president Oren Katzeff, who joined the company last year from Tastemade. Based in [...]

  • NRA TV

    NRA Scuttles Original Production for Streaming-Video Site

    The NRA will shut down production of new content for its streaming-video NRATV outlet, The New York Times reports. The report said the gun-rights lobbying organization may continue to run older content on the broadband outlet, but it will no longer feature Dana Loesch and other regular hosts in live programming. The demise of programming [...]

More From Our Brands

Access exclusive content