Former Google Chairman and CEO Eric Schmidt leaves his executive position at Alphabet

A member of the billionaire club with a net worth exceeding $11 billion, former Google Chairman and CEO Eric Schmidt has stepped down from his current position as Alphabet's executive chairman. He will remain a member of Alphabet's board as a technical advisor. Schmidt started at Google in 2001 when he was brought in by Larry Page and Sergey Brin to run the company as CEO. With Schmidt's departure from Alphabet, it is expected that the board will name a non-executive chairman.

While Chairman of Google, Schmidt also had a seat on Apple's board from 2006 to 2009. Once Android started to make waves against iOS with the Motorola DROID and the Nexus One, Apple CEO Steve Jobs felt betrayed by Schmidt. The final nail in the coffin was driven home by the release of an update that enabled pinch-to-zoom multi-touch on the Nexus One. This was a feature of the iPhone that Steve Jobs said was patented by Apple when he unveiled the original iPhone in January 2007.

With the growing popularity of Android, Schmidt was often photographed using the latest new Android model. Other times, he was caught using an iPhone or wielding a couple of BlackBerry units.

:"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."-Larry Page, CEO, Alphabet

Now 62-years old, Schmidt was ranked by Forbes earlier this year as the 119th richest person in the world. And now that he is leaving his executive position at Alphabet, it would be a good time for him to relax and enjoy the fruits of his labor.

source: Alphabet