Industry

Adult Supervision No Longer Required: Eric Schmidt Out at Alphabet

Adult Supervision No Longer Required: Eric Schmidt Out at Alphabet

Eric Schmidt will step down as the executive chairman of Google's parent company, Alphabet, the firm announced on Thursday. Between the Schmidt Family Foundation, Rise of the Rest, the Alliance for Southern California Innovation, his role on the board for the Broad Institute and lest we forget his new technical advisor position at Alphabet, Schmidt's schedule seems jam packed. It's widely rumored that he was brought on at the behest of Google's VC funders to provide "adult supervision" to a then-freewheeling startup run by its co-founders, Larry Page and Sergey Brin. "The Alphabet structure is working well, and Google and the Other Bets are thriving", in his statement regarding his stepping down from the role.

Schmidt said, "Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition". He also plans to spend time on philanthropy and on "science and technology issues", he said in the statement.

To succeed Schmit, the board is expected to put a non-executive chairman in place.

Schmidt was named chairman of Google in March 2001.

"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology", said Page, CEO of Alphabet. Some of those "other bets" include self-driving cars, smart thermostats and internet-delivering balloons.

Schmidt departs at a time when Google is still riding high as the world's second-most valuable corporation by market capitalization, behind only Apple.

According to the company's latest proxy filings from April, Schmidt held shares worth about $4.9 billion and maintained 5.6 percent voting control over the company. Schmidt earns $1.25 million per year in salary, and hasn't take a bonus as of 2016.


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