Eric Schmidt to Step Down as Alphabet’s Executive Chairman - The New York Times

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"The shift underlines how Mr. Schmidt’s influence at Alphabet has waned over time and how a new generation of leaders is firmly in charge at the giant company. Mr. Page and Mr. Brin remain at the top of Alphabet and retain voting control, but the executives they now have working for them have evolved. More of them are younger executives who rose through the ranks, such as Mr. Pichai, or are superstar executives hired from the outside, including Ruth Porat, the chief financial officer who was brought in from Morgan Stanley in 2015.

Mr. Schmidt’s stepping back is expected to have little practical effect on the day-to-day operations of the behemoth operation. But it is one of the most significant personnel shifts at the internet giant since Mr. Page took over as chief executive in 2011, and especially because Mr. Schmidt has been such a willing public face of the company for so long."

Eric Schmidt to Step Down as Alphabet’s Executive Chairman - The New York Times