Eric Schmidt is stepping aside as Alphabet's chairman

Eric Schmidt is stepping aside as executive chairman of Alphabet, the parent company of Google.Schmidt, who ha...

Posted: Dec 22, 2017 11:53 AM
Updated: Dec 22, 2017 11:53 AM

Eric Schmidt is stepping aside as executive chairman of Alphabet, the parent company of Google.

Schmidt, who has been with the company for 17 years, will remain on the board and continue to serve as a technical adviser.

"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology," Alphabet CEO Larry Page said in a statement on Thursday.

"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition," Schmidt said, referring to Page, Alphabet president Sergey Brin, and Google CEO Sundar Pichai. "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."

"After ten years as CEO and seven as executive chairman, I can't wait to dive into the latest in science, technology, and philanthropy," Schmidt, 62, added in a tweet. "I look forward to working with Larry and Sergey on our future here at Alphabet."

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

The shakeup follows a strong quarter for Alphabet. In October, the company reported that its sales hit $27.8 billion for the third quarter, a gain of 24% from the same period a year earlier.

The sales growth, among its best in recent quarters, was driven in part by Google's continued traction serving ads on mobile devices and YouTube.

Schmidt was named chairman of Google in March 2001. He served as the company's CEO from August of that year through April 2011, when he became executive chairman of the board of directors at Google.

When Google restructured in August 2015, forming Alphabet, Schmidt became Alphabet's executive chairman.

Related: Alphabet's Eric Schmidt says H-1B visa cap is 'stupid'

Page and Brin, who founded Google, brought Schmidt on as CEO to help manage the growing company. Schmidt joked when he stepped down in 2011 that "day-to-day adult supervision no longer needed!"

Schmidt was politically active as CEO. He was a member of President Barack Obama's Council of Advisors on Science and Technology, and helped the government fix the health care website after a disastrous rollout.

Related: Former Google CEO says everyone forgot about criminals when building the internet

But Schmidt also oversaw the company when it stumbled over privacy policies. Google's effort in 2012 to set a single privacy policy for all Google accounts across its multiple services was controversial, with detractors saying Google was trying to make it easier to track its customers' behavior and sell that information to advertisers.

Google also paid a record $22.5 million fine to the FTC for getting around Apple's no-cookie policy on the Safari browser, and Google was caught purposefully snooping on people's Internet sessions while driving by with its Street View cars.

Forbes, which ranked Schmidt at No. 119 on its list of the world's billionaires, calculates that the outgoing chairman has net worth of $11.1 billion. Schmidt earns $1.25 million per year in salary, and hasn't take a bonus as of 2016. Last year he took home $2.4 million as part of a deferred compensation package.

-- CNNMoney's Logan Whiteside and Seth Fiegerman contributed reporting to this story.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 313166

Reported Deaths: 7228
CountyCasesDeaths
DeSoto21496257
Hinds20294414
Harrison17814309
Rankin13573278
Jackson13411246
Madison10066217
Lee9962173
Jones8364163
Forrest7649152
Lauderdale7181240
Lowndes6370145
Lamar621686
Lafayette6171118
Washington5323133
Bolivar4797132
Oktibbeha461498
Panola4561105
Pearl River4499145
Marshall4397103
Warren4380121
Pontotoc419572
Monroe4100133
Union409076
Neshoba4026176
Lincoln3950110
Hancock377786
Leflore3487125
Sunflower335790
Tate332484
Pike3301105
Scott315373
Alcorn311968
Yazoo310769
Itawamba299477
Copiah296465
Simpson294788
Coahoma294379
Tippah287768
Prentiss279560
Adams269582
Marion268880
Leake266273
Wayne262341
Grenada260386
Covington256381
George246848
Newton246061
Winston226881
Tishomingo225967
Jasper220848
Attala214173
Chickasaw207157
Holmes188673
Clay184754
Stone182033
Tallahatchie178140
Clarke177879
Calhoun170132
Yalobusha163337
Smith162234
Walthall133845
Greene130333
Lawrence128323
Montgomery126742
Noxubee126734
Perry125938
Amite122842
Carroll121728
Webster114532
Jefferson Davis106932
Tunica104826
Claiborne102230
Benton99125
Humphreys96133
Kemper95428
Franklin83623
Quitman80216
Choctaw76118
Wilkinson66930
Jefferson65428
Sharkey50317
Issaquena1686
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Alabama Coronavirus Cases

Cases: 530988

Reported Deaths: 10978
CountyCasesDeaths
Jefferson765291522
Mobile40971804
Madison34751503
Tuscaloosa25775452
Montgomery24329589
Shelby23431249
Baldwin21131308
Lee15884171
Calhoun14501314
Morgan14293279
Etowah13831353
Marshall12222223
Houston10567281
Elmore10061205
Limestone9960151
Cullman9664193
St. Clair9655243
Lauderdale9424241
DeKalb8830186
Talladega8223176
Walker7235277
Autauga6920108
Jackson6810112
Blount6660137
Colbert6298134
Coffee5511119
Dale4831111
Russell441138
Chilton4290112
Franklin425782
Covington4121118
Tallapoosa4027152
Escambia393376
Chambers3563123
Dallas3551151
Clarke351061
Marion3118101
Pike310877
Lawrence300298
Winston274472
Bibb260764
Geneva249977
Marengo249764
Pickens234461
Barbour230857
Hale222977
Butler215969
Fayette212362
Henry188744
Cherokee184845
Randolph180241
Monroe177440
Washington167339
Macon159150
Clay156256
Crenshaw152257
Cleburne148941
Lamar142535
Lowndes138853
Wilcox127130
Bullock123041
Conecuh110529
Perry107726
Coosa107228
Sumter104532
Greene92334
Choctaw60624
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