Schmidt, who has been with the company for 17 years, will remain on the board and continue to serve as a technical adviser.More news: Lalu convicted in fodder scam, party to appeal in high court
"Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition", Schmidt said. Republicans have long accused the company of being too cozy with Democrats, and Schmidt's efforts to help Hillary ClintonHillary Diane Rodham ClintonGrassley blasts Democrats over unwillingness to probe Clinton GOP lawmakers cite new allegations of political bias in FBI Top intel Dem: Trump Jr. refused to answer questions about Trump Tower discussions with father MORE's presidential campaign previous year did little to ease those suspicions.More news: Churches planning Christmas Eve services
Schmidt joined Google as its CEO in 2001, and became executive chairman in 2011. In 2015, Google restructured to become Alphabet and Schmidt assumed the same role at the newly named parent company. Some of those "other bets" include self-driving cars, smart thermostats and internet-delivering balloons.
Google's one-time "adult supervisor" is getting closer to retirement. He steps down with the company firmly in place as the undisputed leader in search and online advertising worldwide. In recent years, Schmidt has taken to philanthropy. A Forbes real-time tracker on Thursday pegged his net worth at $13.8 billion, with most of that held in the form of Alphabet shares.More news: Kulbhushan Jadhav's Mother and wife to meet him in Pakistan today
Schmidt is also known to speak out on technology issues, expressing concerns about matters such as online spying and barriers to the free-flow of data.
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