Google parent boss moves on. Here's his new role

Google parent boss moves on. Here's his new role

Eric Schmidt, the former Google CEO, is stepping down as executive chairman of Alphabet, though he will remain on the board, the company announced Thursday.

The 62-year-old billionaire will become a technical adviser and will continue to sit on the board of the company that was formed to contain Google and its sprawling so-called "moonshot" subsidiary businesses in 2015.

The creation of Alphabet also lead to Mr Schmidt becoming chairman of the parent company.

That would seem to consolidate the power of the company's co-founders, Alphabet CEO Larry Page and Alphabet President Sergey Brin. "The Alphabet structure is working well, and Google and the Other Bets are thriving", said Schmidt. About two years ago, Google unveiled a surprise corporate overhaul, forming a new parent company dubbed Alphabet to include internet search and a handful of independent companies.

"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.

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Schmidt was hired as the company's first outside CEO in 2001, having previously served as CEO of Novell, a now-defunct Utah-based software company.

Schmidt's stint as executive chairman is to end at a regularly-scheduled board meeting next month, according to Alphabet.

Alphabet owns Google Search, Maps, Ads, Gmail, Android, Chrome and Youtube and has more than 70,000 employees.

Alphabet's "Other Bets" businesses include self-driving vehicle company Waymo, and other technology companies such as Nest, Fiber and Verily. Schmidt joked when he stepped down in 2011 that "day-to-day adult supervision no longer needed!"

Other companies in the lawsuit which reached earlier settlements included eBay, Lucasfilm, Pixar and Intuit.

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