Schmidt, who Forbes ranked Schmidt as the 119th-richest person in the world in 2017, served as the CEO of Google from 2001 to 2011, a period which laid down the foundations for Google's dominance today. Alphabet feels he has done a great job at helping them transition into the parent company that Google needed, and this move will enable Schmidt to focus his time and energy on his other passions while still being beneficial to Alphabet.
He continued: "In recent years, I've been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work".
It is certainly an end of an era.
In 2001, Google brought Eric Schmidt on board as CEO.
Schmidt was often the face of Google and Alphabet with policymakers. "I'm incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation". Schmidt joked he provided the "adult supervision" to the Google team.
In his advisory role, the expectation is that Schmidt will help spearhead Sidewalk Labs (Alphabet's deep learning initiative) and see him hands on with Verily and Calico working in healthcare. During President Barack Obama's administration, Schmidt, who has supported many Democratic politicians, prominently represented Google on policy matters. He also provided technical assistance to Hilary Clinton's campaign during the 2016 Presidential race.
Eric Schmidt has always been a major figure in Google and even when the company transitioned to Alphabet. The company feels he was invaluable to the evolution of the company, as this was done without "throwing away the uniqueness that was Google during those early days".
After 17 years, Eric Schmidt will transition to a "technical adviser" role.
"If you have something that you don't want anyone to know, maybe you shouldn't be doing it in the first place".