Tech

Eric Schmidt is stepping down as the executive chairman of Alphabet

The executive chairman of the board of directors at Alphabet, Google's parent company, will step down next month, the company said.

Eric Schmidt will stay with the company as a technical adviser to the board.

In a tweet, Schmidt said: "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."

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. https://t.co/nVnZqMEHoI

— Eric Schmidt (@ericschmidt) December 21, 2017

Alphabet said it anticipates the board will appoint a non-executive chairman.

Larry Page, Alphabet's chief executive, said: "Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology. Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation."

Read more: Google owner Alphabet joins the tech party as shares soar on bumper results

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