Alphabet to lose executive chairman Eric Schmidt

Eric Schmidt, PhD, is stepping down from his role as executive chairman of Google's parent company, Alphabet in January.

Dr. Schmidt will transition to technical advisor to the company and continue to serve on its board of directors. The company said it will likely appoint a non-executive chairman.

"'Larry [Page], Sergey [Brin], Sundar [Pichai] 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,"' Dr. Schmidt said. "'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."'

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