Schmidt, who joined Google in 2001 and served as its chief executive for a decade, will remain on the company's board. With managerial and executive experience at companies such as Sun Microsystems and Novell under his belt, Page and Brin, who were at the time relatively inexperienced businessmen, recruited Schmidt to run Google, which was in 2001 a three-year-old company.
In a statement, Schmidt commented that "Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition".
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When Google restructured in August 2015, forming Alphabet, Schmidt became Alphabet's executive chairman.
"Continuing his 17 years of service to the company, he'll now be helping us as a technical advisor on science and technology issues".
Alphabet made the announcement in a press release this afternoon, touting Schmidt's vision and accomplishments throughout his 17-year tenure.
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Rather than directly replace Schmidt, the company said it expects the board to appoint a nonexecutive chairman.
During his tenure, Schmidt wound up at the center of a civil suit in United States federal court over an "anti-poaching" agreement involving tech giants Apple, Google, Intel and Adobe. Some of those "other bets" include self-driving cars, smart thermostats and internet-delivering balloons.
Forbes, which ranked Schmidt at No. 119 on its list of the world's billionaires, calculates that the outgoing chairman has net worth of $11.1 billion. He was a member of President Barack Obama's Council of Advisors on Science and Technology, and helped the government fix the health care website after a disastrous rollout.
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