Eric Schmidt steps down as chairman of Alphabet

One of Google's longest-running executives is stepping away from the tech giant's parent company Alphabet.

Eric Schmidt, who joined Google in 2001 as its CEO and chairman, is stepping away from his current role as executive chairman of Alphabet. Schmidt became executive chairman of Google's board in 2010 and maintained the position when the company restructured in 2015 to become Alphabet.

He will stay involved as a technical advisor, the company announced on Thursday.

CNBC was first to report the news.

“Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition. The Alphabet structure is working well, and Google and the Other Bets are thriving. 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," Schmidt said in a statement.

Google cofounders Larry Page and Sergey Brin recruited Schmidt in 2001. He had previously been CEO of software company Novell. Schmidt became chairman of Alphabet again when Google reorganized in 2015. Sundar Pichai serves as CEO of Google, and Page is CEO of Alphabet.

“Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation," Page said in a statement.

Schmidt has plenty to keep himself busy outside of Alphabet. In 2006, he established the Schmidt Family Foundation that makes investments in startups and fellowships in the sciences, for example.

In the meantime, Alphabet said it will search for a new non-executive chairman and will appoint one at the next board meeting in January.