Google’s parent company Alphabet today announced that Eric Schmidt is stepping down as the company’s Executive Chairman. Schmidt will continue to serve Alphabet’s board as he transitions into his new position as a technology advisor to the company.

Schmidt has been serving for more than 17 years at Google and Alphabet, but going forward he will be focused on science and technology issues at the company. “Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology. Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation,” Alphabet CEO Larry Page stated in a statement.

Schmidt will continue to invest in his existing work around science and technology issues while expanding his philanthropy work. “Larry, Sergey, Sundar and I all believe that 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. In recent years, I’ve been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work,” Schmidt said in a statement.

Alphabet will be choosing a non-executive chairman for its board in January, just in time for its next board meeting.

Tagged with Alphabet, Eric Schmidt, Google