Schmidt resigning as executive chairman of Google parent Alphabet

Schmidt resigning as executive chairman of Google parent Alphabet

Schmidt resigning as executive chairman of Google parent Alphabet

Eric Schmidt, the former Google CEO, is stepping down as executive chairman of Alphabet, though he will remain on the board, the company announced Thursday.

The creation of Alphabet also lead to Mr Schmidt becoming chairman of the parent company.

Added Schmidt, "Larry, Sergey, [Google CEO Sundar Pichai] and I all believe that the time is right in Alphabet's evolution for this transition".

Schmidt has been spending much his time on science and technology issues, as well as philanthropy, and his new role at Alphabet will help him to expand upon that work. Google launched a new structure in October 2015, making Alphabet a holding company for Google and related businesses.

Alphabet made the announcement in a press release this afternoon, touting Schmidt's vision and accomplishments throughout his 17-year tenure.

Schmidt has been a key figure at Google for some 17 years.

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Sundar Pichai was promoted to chief of Google, which includes leading online video-sharing service YouTube.

Alphabet's "Other Bets" businesses include self-driving vehicle company Waymo, and other technology companies such as Nest, Fiber and Verily. Schmidt joked he provided the "adult supervision" to the Google team.

The long-running case alleged that major tech companies in Silicon Valley had secret agreements not to hire each other's employees, in a move to keep salaries under control.

He was the company's chief executive from 2001 through to 2011, a period in which he oversaw the search engine's development into one of the most powerful technology companies in the world.

Other companies in the lawsuit which reached earlier settlements included eBay, Lucasfilm, Pixar and Intuit.

Schmidt was listed as a donor and advisor to the winning campaign by Barack Obama to become USA president in 2008. Schmidt earns $1.25 million per year in salary, and hasn't take a bonus as of 2016. Republicans have long accused the company of being too cozy with Democrats, and Schmidt's efforts to help Hillary ClintonHillary Diane Rodham ClintonGrassley blasts Democrats over unwillingness to probe Clinton GOP lawmakers cite new allegations of political bias in FBI Top intel Dem: Trump Jr. refused to answer questions about Trump Tower discussions with father MORE's presidential campaign previous year did little to ease those suspicions.

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