Eric Schmidt to step down as the executive chairman of Alphabet Inc.

“Eric Schmidt will be stepping down as the executive chairman of Alphabet’s board of directors and transitioning to technical advisor, the company announced,” Jillian D’Onfro reports for CNBC. “He will continue to serve on the company’s board.”

 
“Schmidt first joined Google as CEO in 2001, back when the company only had several hundred employees, and become its executive chairman 10 years later,” D’Onfro reports. “He maintained that role when Google restructured to become Alphabet in 2015.”

 
“‘Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition,’ Schmidt said in a statement,” D’Onfro reports. “In his new role, he’ll likely advise the company’s urban development arm, Sidewalk Labs, its deep learning efforts, and its healthcare spin-offs, Verily and Calico.”

 
D’Onfro reports, Alphabet expects that its board will appoint a new, non-executive chairman at its next meeting in January, meaning that it will join the ranks of Apple and Microsoft as major companies with non-executive chairman.”

 
Read more in the full article here.

 

MacDailyNews Take: Once Eric T. Mole was ejected from Apple’s Board of Directors, his value to Alphabet greatly diminished.

Schmidt & Co. do know evil.

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