Eric Schmidt, the former Google CEO, is stepping down as executive chairman of Alphabet after 17 years of service. Schmidt who joined the organization in 2001, will now transition from his position as Executive Chairman of the Board of Directors, becoming a technical advisor to the company while continuing to serve on its board.

Larry Page, CEO of Alphabet, shares, “Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology.” He further added, “Continuing his 17 years of assistance to the company; he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly thrilled about the progress our companies are making, and about the strong leaders who are driving that innovation.”

On this development, Schmidt shares, “Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s progression for this transition. The Alphabet structure is working well, and Google and the Other Bets are advancing,” Schmidt who will continue to serve as an advisor, said he plans to spend more time on science and technology issues and philanthropy.

However, if media reports are to be considered, upcoming regulatory challenges, the elevation of Sundar Pichai as Google’s CEO  could have been a factor for his exit.

From 1983 to 1997, Schmidt worked as the Chief Technology Officer at Sun Microsystems From 1997 to 2001; he was the Chief Executive Officer (CEO) of Novell. From 2001 to 2011, Schmidt served as the CEO of Google. He has served on various other boards in academia and industry, including the Boards of Trustees for Carnegie Mellon University, Apple, and Princeton University. In 2017, Forbes ranked Schmidt as the 119th-richest person in the world, with an estimated wealth of US$11.1 billion.