Eric Schmidt Steps Down as Alphabet Chairman
Recent reports have revealed that the former Google chief executive Eric Schmidt is stepping down as an executive for the search giant's sister company, Alphabet. Furthermore, Alphabet has stated that they are looking to appoint a non-executive chairman to take over Schmidt's vacant position.
"Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology," said Larry Page, CEO of Alphabet in a statement. "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. He'll now be able to bring that same focus and energy to his other passions, while continuing to advise Alphabet."
Sources close to the matter told CNBC that the transition has been in negotiation for over a year now. Furthermore, board member John Hennessy, who is the former president of Stanford University, is looking to be the prime candidate to replace Schmidt. In the meantime, the former chairman will continue to advise Alphabet and will likely play a hand in the company's urban development department, Sidewalk Labs, as well as in the healthcare branches, Verily and Calico.
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Alphabet's plan to appoint a non-executive chairman is reflective of the current trend in the business industry, as the decision to do so will allow them to join the ranks of tech giants Apple and Microsoft, who are headed by a non-executive chairman. The announcement is expected to be made within the first few months of 2018. No confirmation has yet to be released and Alphabet has yet to address the rumors that Hennessy will be taking over. Regardless, more information is expected to be released in the coming weeks.
