FIRST AIRED: December 22, 2017

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Transcript

00:00:01
>> 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.
00:00:21
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.
00:00:37
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.