Eric Schmidt
Image via CNBC

Google’s parent company, Alphabet, will soon be without an executive chairman. The company announced today in a press release to investors that Eric Schmidt will step down from his current role as Executive Chairman of the Board of Directors and that the company believes the Board will appoint a non-executive chairman.

Schmidt isn’t leaving Alphabet altogether, however. He will instead transition into the role of technical advisor for the company. The transition is slated for the next regular board meeting in January 2018.

Eric Schmidt on his transition and the state of the current Alphabet structure

“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.”

In other news, Injong Rhee, newly-appointed Samsung CTO is another high-level exec stepping down from his role. Sammy’s chief technology officer is resigning after only about a month in the position. He’s not staying on as an advisor, however, rather he’s leaving to tend to personal issues.

Cheers, Cliff!