Eric Schmidt to step down as executive chairman of Google’s parent company

Eric Schmidt, the executive chairman of Google parent company Alphabet, will step down from that role in January, the company announced Thursday.

Schmidt will remain on Alphabet’s board and serve as a technical adviser to the company.

“Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology,” Alphabet CEO Larry Page said in a statement. “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.”

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Schmidt spent 10 years as Google’s CEO before becoming the internet search giant’s executive chairman. When Google restructured under Alphabet, he resumed that position at the parent company.

The executive was also Google’s emissary to the political world. Republicans have long accused the company of being too cozy with Democrats, and Schmidt’s efforts to help Hillary Clinton’s presidential campaign last year did little to ease those suspicions.

“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,” Schmidt said in a statement. “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.”

In its announcement, Alphabet said it anticipates the board will replace Schmidt with a nonexecutive chairman.