Eric Schmidt To Step Down As Alphabet Chairman

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Eric Schmidt, who helped oversee Google's rise from a search startup to a global behemoth, is stepping down as the executive chairman of Alphabet, the search giant's parent company.

The change will be effective as of the company's next regular board meeting, in January, Alphabet said in a statement on Thursday. The company says it expects to replace him with a nonexecutive chairman.

"Larry, Sergey, Sundar, and I all believe that the time is right in Alphabet's evolution for this transition," Schmidt said in the statement. "The Alphabet structure is working well, and Google and the Other Bets are thriving."

Schmidt will remain on Alphabet's board and take on a new role as a technical adviser to the company. He also plans to spend time on philanthropy and on "science and technology issues," he said in the statement.