>> Google's parent company, Alphabet said Thursday that Eric Schmidt, its Executive Chairman, will step down from his position at the company's next board meeting in January. In a statement Schmidt said quote, the time is right in Alphabet's evolution for this transition. The Alphabet structure is working well, and Google, and the Other Bets are thriving.
Schmidt will stay on at Alphabet as a technical advisor. He was recruited by Google co-founders Larry Page, and Sergey Brin, and served as a the CEO for a decade from 2001. He was seen as the adult in the room as Google went from a startup to a powerhouse tech company.
Former Google employee say Schmidt was instrumental in growing the company from Mountain View internet search startup to a publicly treated global business. Schmidt will continue to serve on Alphabet's board of directors.