Google-parent Alphabet said Tuesday that Eric Schmidt, who was chief of the internet giant for a decade, will leave the board in June.

Schmidt, who turned 64 this month, stepped down as chairman of the Alphabet board at the start of last year, remaining a member but shifting to a role as a technical advisor.

Schmidt will not seek re-election to the board when his term expires in June, but will continue to advise on technical matters, according to Alphabet.

"Eric has made an extraordinary contribution to Google and Alphabet as CEO, chairman, and board member," board chairman John Hennessy said in a statement.

"We are extremely grateful for his guidance and leadership over many years."

Schmidt was on the board for more than 18 years, joining in March 2001. He was chief executive of Google from the middle of that same year until March 2011.

Google founders Larry Page and Sergey Brin recruited the proven businessman and skilled software engineer as chief executive in 2001, bringing a mature hand to the helm of the then three-year-old internet search company.

Schmidt, Page and Brin were considered a power triumvirate in control of Google. Page replaced Schmidt as chief executive a decade later.

Google unveiled a surprise corporate overhaul in 2015, forming a new parent company dubbed Alphabet to include internet search and a handful of independent companies.

Page became chief executive at Alphabet, a holding company for the tech giant's search products and "other bets" such Waymo self-driving car unit and Google Fiber internet service.

Sundar Pichai was promoted to chief of Google.

Schmidt was at Google's helm during pivotal years during which it grew into an online advertising and search juggernaut, the company name becoming a verb in the process.

When stepping down as chairman of the board, Schmidt said he intended to spend more time on philanthropic, scientific and technology endeavors.

His net worth was estimated to be around $14 billion by Forbes.

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

EU fine on Google weighs on parent Alphabet profits
San Francisco (AFP) April 29, 2019
Google parent Alphabet on Monday reported that profit in the first three months of this year sagged under the weight of a hefty antitrust fine in the European Union. Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion. The earnings took a hit from a European Commission fine that amounted to $1.7 billion at the end of March, according to the quarterly update. Google shares were down 7.2 percent to $1,202.39 in afte ... read more