Alphabet, the parent company of Google, announced on Thursday that Eric Schmidt will step down as executive chairman of the company's board of directors and take on the role of technical advisor.
Schmidt will remain on Alphabet's board of directors. The changes are expected to take effect at the company's next regular meeting in January 2018.
"Larry, Sergey, Sundar and I all believe the timing is right in Alphabet's evolution for this transition," Schmidt said in a statement.
"The Alphabet structure is working well, and Google and our other bets are thriving. In recent years, I've been spending a lot of my time on science, technology, and philanthropy, and I plan to expand that work.".
Alphabet's board of directors expects to appoint a non-executive chairman at its January meeting, according to the company, and has not yet named a candidate.
“Since 2001, Eric has brought us business and engineering expertise as well as a clear vision for the future of technology,” said Larry Page, CEO of Alphabet.
“Continuing his 17 years of service to the company, he will now help us as a technical advisor on science and technology issues. I am incredibly excited about the progress our companies are making and the strong leaders driving this innovation.”
When Schmidt joined Google in 2001, he began serving the company as CEO. In 2011, Schmidt became executive chairman of the company, where he also served as an advisor to co-founders Page and Sergey Brin.
