Eric Schmidt Stepping Down as Alphabet CEO

Eric Schmidt is stepping down as the executive chairman of Alphabet’s board, the company said on Thursday, adding that Schmidt will still have a role on Alphabet’s board and will serve as a technical adviser. In a statement, Schmidt said “the time is right in Alphabet’s evolution for this transition,” adding that he plans to “expand” his philanthropy efforts. He became CEO of Google in 2001 and rose to become executive chairman in 2011.