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Alphabet's Eric Schmidt steps downThe billionaire is relinquishing his role as executive chairman at Google's parent company, Alphabet.
Alphabet is getting a shake up. Eric Schmidt is stepping down from his role as executive chairman at Alphabet. The company you probably know better, as Google's parents. The billionaire is transitioning to a role of technical advisor and will continue to serve on the Alphabet board. Worth an estimated thirteen point eight billion dollars, Schmidt has been with the company for seventeen years He became Google CEO in 2001 then moved to Executive Chairman, staying in the role even as Google restructured to become part of Alphabet in 2015. In a statement Schmidt said, Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition. He mentioned that he's going to expand on his philanthropic work and spend more time on science and tech issues. At the end of 2016, Schmidt sat on a roundtable with then president-elect Trump, alongside other tech chiefs including Tim Cook and Jeff Bezos. Alphabet is expected to announce a non-executive chair in January. For more tech news, head to CNET.com. [MUSIC]