"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology", said Alphabet co-founder and CEO Larry Page. A decade later, he would become executive chairman of Google and continued to hold the role when the company underwent a corporate restructure to create Alphabet in 2015. "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", says Schmidt.
No reason was given for the sudden departure, which will likely lead to some speculation in the coming weeks.
In 2001, Google brought Eric Schmidt on board as CEO.
Rather than directly replace Schmidt, the company said it expects the board to appoint a nonexecutive chairman.
Eric Schmidt has a long and storied career but was able to make a bigger name for himself at Google before he was transitioned as an executive chairman at Alphabet.
While Page and Brin would focus on the company's technology and the product strategies, Schmidt would focus on how to scale every product to a global level, said Bismarck Lepe, CEO of San Francisco startup Wizeline and a Google employee from 2003 until 2007.
The shift underlines how Schmidt's influence at Alphabet has waned over time and how a new generation of leaders is firmly in charge at the giant company. He has been eclipsed in Washington by others at Google, including Susan Molinari, a former Republican congresswoman from NY, said some of the people familiar with the company. "I look forward to working with Larry and Sergey on our future here at Alphabet", Schmidt tweeted.
This article was originally published by The Hollywood Reporter. However, Schmidt's new role as a technical advisor has not been elaborated much.
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