BELOW CLOUD DWELLING Google executive Eric Schmidt is stepping down from his position on the board of Google's parent company Alphabet.
Schmidt has been on the Google board since 2001 but stepped down from his role as executive chairman at the start of last year, seven years after stepping down as CEO Of Google.
Schmidt isn't leaving Google. After his tenure expires on 19 June, he'll continue as a technical advisor to the company, saying he plans to enable "the next generation of talent to serve."
Schmidt is cited as one of the main reasons for Google's exponential growth over the past two decades. For several years he took a token $1 salary alongside performance bonuses. He also sat simultaneously on the board of Apple from 2006-2009.
During his tenure he was involved in several scandals, including his views on user privacy, and implied (but unproven) involvement in allegations of sexual misconduct by Google executives that led to a $150m golden goodbye for fellow executive Andy Rubin.
He was also implicated in the illegal practice of blocking potential new recruits to Google from rival companies and is said to have been responsible for stretching the definition of "evil" in the "Don't Be Evil" maxim beyond that which some were comfortable.
Alongside his consultancy at Google, Schmidt will continue his philanthropic endeavours via his company Schmidt Futures.
The news comes after Alphabet reported below-target earnings in the last quarter, fuelled by a mixture of multi-billion-EU fines, slow sales of the Pixel 3 phone range and reduced ad revenue, in part as a result of a revolt against harmful content on YouTube.
It's thought that Larry Page, Sergey Brin and Eric Schmidt had around $9bn slashed from their joint net worth yesterday after the results were announced and stocks crashed 13 per cent. μ
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