Alphabet Inc Executive Chairman Eric Schmidt to step down in January
Published on December 24, 2017
Ending a 17-year-run, the executive chairman of Alphabet Inc, Eric Schmidt, is set to step down in January. He will continue to serve on the Alphabet’s board of directors and act as an adviser on technical and science issues.
Schmidt said, “The time is right in Alphabet’s evolution for this transition.”
“I’m incredibly excited about the progress our companies are making and about strong leaders who are driving that innovation.”
Schmidt who rose to the position of executive chairman served as chief executive when he newly joined the company in 2001 through to 2011.
The chief technology officer of Seattle startup Heptio and a Google employee from 2004 through 2014 said, “He (Schmidt) helped them mature into the powerhouse business it is today without throwing away the uniqueness that was Google during those early days.”
Schmidt was the one who took the company to a global level however his tenure was not without challenges as it underscores different lawsuits costing as much as $415 million in 2015 alone.
A former employee of Google said that shortly after IPO, Schmidt speaking in an all-hands meeting said they (he, Page and Brin) had the ambition of making Google a $100 billion company which seems unattainable even to the employees.
However today Alphabet carries a market cap of $741 billion and its annual revenue has been projected to surpass $100 billion this year, according to analyst.
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