Eric Schmidt stepping down as Alphabet’s executive chairman

Eric Schmidt will be stepping down as the executive chairman of Alphabet’s board of directors in addition to transitioning to technical advisor, the company announced. He will continue to serve on the company’s board.

Schmidt first joined Google as CEO in 2001, back when the company only had several hundred employees, in addition to become its executive chairman 10 years later. He maintained of which role when Google restructured to become Alphabet in 2015.

“Larry, Sergey, Sundar in addition to I all believe of which the time is actually right in Alphabet’s evolution just for of which transition,” Schmidt said in a statement. “The Alphabet structure is actually working well, in addition to Google in addition to the different Bets are thriving. In recent years, I’ve been spending a lot of my time on science in addition to technology issues, in addition to philanthropy, in addition to I plan to expand of which work.”

Schmidt tweeted “adult supervision no longer needed,” a reference to a comment co-founder Sergey Brin made on the Charlie Rose show when Google first hired him.

within the past several years, Schmidt has become increasingly involved in philanthropy through his own family foundation, which just launched a $25 million science fellowship, as well as Rise of the Rest, which invests in startups in middle America, in addition to the Alliance for Southern California Innovation. He also serves as a board member of the Broad Institute, which focuses on medicine in addition to disease prevention.

In his fresh role, he’ll likely advise the company’s urban development arm, Sidewalk Labs, its deep learning efforts, in addition to its healthcare spin-offs, Verily in addition to Calico.

Alphabet expects of which its board will appoint a fresh, non-executive chairman at its next meeting in January, meaning of which of which will join the ranks of Apple in addition to Microsoft as major companies with non-executive chairman.

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