Google’s Eric Schmidt steps down as questions of timing to grow
Eric Schmidt announced that he is stepping down as executive chairman of Google older Alphabet, Inc. Some are questioning the timing of his surprising announcement quote of his past well-known affairs with several women.
In a surprise move, former Google CEO Eric Schmidt is stepping down as ceo of the search giant, the parent company of the Alphabet amid reports his personal life is under the microscope.
One of the highest profile figures in Silicon Valley, Schmidt draws much attention from the media. Citing unnamed current and former employees, The Wall Street Journal reports that the council’s personal life is the topic of interest in the Alphabet.
The New York Post reports that the former Google CEO is married to Wendy Schmidt for 37 years. However, in 2012, she said they lived separate lives because she felt “like a piece of baggage” follows him all over the world, the report said.
The Post said Schmidt were linked to a number of women over the years, and quoted a source saying other news outlets was looking for a Harvey Weinstein-like bomb, but still empty. An insider told the newspaper, “They have not yet found a s–t. Because there is no sexual harassment. There is never a problem. They have nothing.”
In a short statement released by the Alphabet on Thursday, Schmidt said that he wants to make his philanthropic efforts. The 62-year-old billionaire let the executive chairman role in January, but remains as a technical advisor of the Alphabet, the company said.
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Schmidt, who has close ties with Hillary Clinton and Obama, was Google’s “adult” when he took the company reins in 2001.
Google is founded by Larry Page and Sergey Brin in 1998. Three years later, Schmidt took over the role of director-general following investors, requires a more mature leadership, as Google soon grew into a tech titan. He stepped down as CEO in 2011 when the Page was restored as Google chief, but continued as executive chairman of the company.
In 2015, Schmidt became executive chairman of the Alphabet, the company that was created to contain Google and the vast so-called “moonshot” subsidiary companies. Some of those “other bets” are self-driving cars, smart thermostats and Internet-delivering balloons. Page and Brin now, Alphabet’s CEO and president, respectively.
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“Since 2001, Eric has provided us with the business and technical expertise and a clear vision about the future of the technology,” said the Page, in the statement. “Continuation of his 17 years with the company, he will now help us as a technical advisor on science and technology. I am very excited about the progress of our companies, and about the strong leaders who are driving that innovation.”
“Larry, Sergey, [Google CEO], Sundar [Pichai] and I believe that the time is right in the Alphabet is the evolution for this transition. The Alphabet structure works well, and Google and the Other Bets are thriving,” said Schmidt, in the statement. “In the past few years I have spent a lot of my time on science and technology, and philanthropy, and I am planning to expand that work.”
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After ten years as CEO and seven as Executive Chairman, I can’t wait to dive into the latest in the field of science, technology, and philanthropy. I look forward to working with Larry and Sergey on our future here in alphabetical order. https://t.co/nVnZqMEHoI
— Eric Schmidt (@ericschmidt) December 21, 2017
Schmidt and his wife Wendy established the Schmidt Family Foundation in 2006.
“After ten years as CEO and seven as Executive Chairman, I can’t wait to dive into the latest in the field of science, technology, and philanthropy. I look forward to working with Larry and Sergey on our future here at Alphabet,” Schmidt tweeted Thursday.
According to the company’s latest proxy archives from April, Schmidt shares held for a value of approximately $4.9 billion and maintained a 5.6 percent voting control of the company. Page and Brin together have a majority of the votes, with investments worth four times as much per piece. A spokeswoman said Schmidt was not the sale of all the shares as part of the transition.
Alphabet has not yet responded to a request for comment on this story from Fox News.
The Associated Press contributed to this article. Follow James Rogers on Twitter @jamesjrogers