Google's Eric Schmidt stepping down as executive chairman of Alphabet

Eric Schmidt, the executive chairman of Google's parent company Alphabet, will step down from his role and become a technical adviser, the tech giant announced on Thursday.

Schmidt, 62, an industry veteran who previously served as Google CEO, will remain on the company's board.

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“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.”