Eric Schmidt, who was brought to Google in 2001 to provide what amounted to adult supervision for the company’s young founders, Larry Page and Sergey Brin, is stepping down as executive chairman of the internet search giant’s parent, Alphabet, the company said on Thursday.
Mr. Schmidt, who helped take Google public in 2004 and build it into a colossus, will relinquish the executive chairman role at Alphabet’s next board meeting, in January. He will continue to be a member of the company’s board and become a technical adviser, Alphabet said.
No reason was provided for the change. In a statement, Mr. Schmidt said that he, Mr. Page, Mr. Brin and Sundar Pichai, Google’s chief executive, “believe that the time is right in Alphabet’s evolution for this transition.”