Eric Schmidt stepped down as Chairman of Alphabet

Alphabet Inc. officially announces that at the next regular board meeting in January 2018 where Eric Schmidt stepped down from his current position as Executive Chairman of the Board of Directors and turns to the company's technical advisor to handle science and technology.

"Since 2001, Eric has given us clear business and technical expertise and vision of the future of technology. Following a 17-year term, he will now help us as a science and technology advisor. I am very excited and a strong leader who drives innovation," said Alphabet CEO Larry Page.

Schmidt said in recent years has spent much time on science and technology, philanthropy, and plans to expand the work. The 62-year-old man is considered to have restructured from Google to the Alphabet. The Company anticipates that the Board will appoint a non-executive chairman

"Larry, Sergey, Sundar and I all believe that the time is right in the evolution of the Alphabet for this transition. The Alphabet structure works well, and Google and others are growing," Schmidt said.