Alphabet executive director Eric Schmidt steps down

Alphabet’s executive director Eric Schmidt is stepping down from his role at the company. Schmidt will leave in January to take up a technical advisor role for the board. The former CEO of Google, Schmidt has been a key figure in the growth of the internet giant.

Mr Schmidt was brought in to head up Google in 2001, three years after it was founded and when the company had around $35m (£26m) on its balance sheet. The company now has around $10.58bn in cash, according to its most recent filings, and it is one of Silicon Valley’s biggest technology companies.

It is unclear what exactly Schmidt will be working on in his new role, but he has implied that it will involve innovation. In a tweet, Schmidt said he could not wait to ‘dive into the latest in science, technology, and philanthropy’.

“After ten years as CEO and seven as Executive Chairman, I can’t wait to dive into the latest in science, technology, and philanthropy. I look forward to working with Larry and Sergey on our future here at Alphabet,” he said, in a statement. "The time is right in Alphabet’s evolution for this transition. The Alphabet structure is working well. 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.”

Alphabet said it will wait until the new year to unveil Schmidt’s replacement.

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