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Alphabet's Eric Schmidt To Step Down As Executive Chairman

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Alphabet's Eric Schmidt To Step Down As Executive Chairman
Schmidt served seven years as executive chairman of Alphabet, and 10 years as Google's CEO.
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Eric Schmidt, the executive chairman and former CEO of Google's parent company Alphabet, will step down from his position in 2018.

Schmidt will continue serving on the company's board, and he'll also work as a technical adviser.

In a statement released Thursday, he said: "I've been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work."

Earlier this year, Schmidt's philanthropic fund launched a $25 million science fellowship program.