Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Alphabet    GOOGL

ALPHABET (GOOGL)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Alphabet : Schmidt to Step Down as Alphabet Executive Chairman -- 2nd Update

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/22/2017 | 03:36am CEST
By Jack Nicas 

Google-parent Alphabet Inc. said Eric Schmidt will step down from his post as executive chairman in January, an unexpected retreat by the tech giant's most high-profile ambassador.

Mr. Schmidt, who joined Google in 2001 as chief executive and served in that position until 2011, will transition to a role as technical adviser and will continue to serve on Alphabet's board, the company said in a statement Thursday. Alphabet said his replacement will likely be a nonexecutive chairman.

Google said little about the reason for the change, and declined to make Mr. Schmidt, 62 years old, available for an interview. In the statement, he said that co-founders Larry Page and Sergey Brin, Google CEO Sundar Pichai "and I all believe that the time is right in Alphabet's evolution for this transition."

The Google co-founders and Mr. Schmidt have been discussing his transition for about a year, according to a person close to the company.

Mr. Schmidt's retreat signals a generational shift at the tech giant, which he helped shape into one of the world's most valuable and influential companies. Messrs. Page and Brin had brought Mr. Schmidt on board when Google was still a scrappy search engine, and the older executive gave Google structure and discipline.

During his decade as CEO, Google expanded well beyond search into areas such as maps, email, online video and smartphones. Those products -- Google Maps, Gmail, YouTube and Android -- each now have more than a billion users.

Mr. Schmidt's step down comes as the company -- now a colossus valued at $743 billion -- has achieved steady financial performance in recent years. Since Google reorganized to become Alphabet in 2015 -- a move designed to make the different businesses more independent -- he has become more of an ambassador for the company, traveling the world to speak at events and meet with world leaders.

He has deep political ties, but his influence in Washington was weakened by the election of President Donald Trump.

Mr. Schmidt said he plans to spend more time "on science and technology issues, and philanthropy."

In 2001, Messrs. Page and Brin plucked Mr. Schmidt from the software firm he headed, Novell Inc. He was a former executive at Sun Microsystems. The two young Google founders told reporters at the time they wanted to bring in some "adult supervision." (The men later confirmed the interview process included a trip to Burning Man, the arts festival in the Nevada desert.)

When Mr. Page replaced him as CEO in 2011, Mr. Schmidt tweeted: "Day-to-day adult supervision no longer needed!"

While leading Google, Mr. Schmidt was often on the front lines defending the company of charges that it was too powerful or too invasive. His public comments though sometimes fueled critics.

In 2009, when CNBC asked him if users should be treating Google as a "trusted friend," he responded, "If you have something that you don't want anyone to know, maybe you shouldn't be doing it in the first place." Internet-privacy advocates like the Electronic Frontier Foundation criticized that stance, and some websites noted his hypocrisy, given that Google effectively blacklisted the tech site CNET after it published Mr. Schmidt's personal information -- found in Google searches -- in a story about internet privacy.

Mr. Schmidt's personal life is notorious among Google staff, current and former employees say. Long married to his wife, Wendy, with whom he founded the Schmidt Family Foundation, he has had romantic relationships with other women and is often seen with other women in public, including at-work events and at Google offices, according to people familiar with the matter. Mr. Schmidt in 2016 brought a girlfriend, an ex-girlfriend and a senior Alphabet executive, along with other friends, on his private jet on a flight from Reno, Nev., to New York after the Burning Man festival, one of the people said.

In a 2012 interview with the New York Times, Mr. Schmidt declined to comment on reports of his affairs, calling them "rumors." Mrs. Schmidt said in the same article that she lives "fairly independently" in Nantucket, Mass.

His political ties, once a strength for the company, have more recently become somewhat of a liability. He was close to the Obama administration, and he aided Hillary Clinton's campaign in its early stages. He was even spotted wearing a staff badge at Mrs. Clinton's election-night party. But when President Donald Trump was preparing to host tech executives before his inauguration, he asked advisers if Mr. Schmidt was "the guy that tried to help Hillary win."

Michael T. Jones, a former Google executive and friend of Mr. Schmidt, said his job as executive chairman largely consisted of three roles: "He runs the board, and he advises Larry & Sergey like an uncle ... and he's also been Google's head of state," meeting with world leaders. Mr. Jones said Mr. Schmidt is likely ready for a new challenge. "He's an operational guy, not an advice guy," he said. "He's more than happy to run something rather than tell someone else how to run it."

--Yoree Koh contributed to this article.

Write to Jack Nicas at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALPHABET
10:13aALPHABET : Correction to Alphabet Earnings WSJ Article on Tuesday
DJ
09:39aATOS : Google Cloud Enter Agreement to Create Secure Solutions for Business
DJ
09:09aALPHABET : Google overhauls Gmail to lure businesses away from Microsoft
RE
03:42aALPHABET : Correction to Alphabet Earnings Story from Monday
DJ
04/24Shire, Whirlpool rise while Caterpillar, 3M slide
AQ
04/24Atos partners with Google Cloud as new EU data law looms
RE
04/24Salesforce announces $2.2 billion French investment as Macron meets Trump
RE
04/24ALPHABET : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESUL..
AQ
04/24FACEBOOK : releases long-secret rules on how it polices the service
RE
04/24SOFTBANK : Alphabet Back China Truck Firm -- WSJ
DJ
More news
News from SeekingAlpha
03:36aBig payday for Google's Sundar Pichai 
02:51aAre Investors Excessively Punishing Companies That Invest In Growth At The Ex.. 
12:01aTHOUGHTS ON TUESDAY'S SELL-OFF : 'CATcalls' 
04/24Alphabet Is Still A Buy After Q1 
04/24MARKET VOLATILITY BULLETIN : Stocks Slip, But Not On A 3-Handle For The 10-Year 
Financials ($)
Sales 2018 134 B
EBIT 2018 33 787 M
Net income 2018 29 682 M
Finance 2018 91 277 M
Yield 2018 -
P/E ratio 2018 24,16
P/E ratio 2019 21,20
EV / Sales 2018 4,86x
EV / Sales 2019 3,90x
Capitalization 744 B
Chart ALPHABET
Duration : Period :
Alphabet Technical Analysis Chart | GOOGL | US02079K3059 | 4-Traders
Technical analysis trends ALPHABET
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 44
Average target price 1 260 $
Spread / Average Target 23%
EPS Revisions
Managers
NameTitle
Lawrence E. Page Chief Executive Officer & Director
Sergey Mikhaylovich Brin President & Director
John LeRoy Hennessy Chairman
Ruth Porat Chief Financial Officer & Senior Vice President
Eric E. Schmidt Director & Technical Advisor
Sector and Competitors
1st jan.Capitalization (M$)
ALPHABET-2.92%744 392
BAIDU-1.20%80 980
YAHOO JAPAN CORPORATION-14.78%23 510
NAVER CORP--.--%22 293
YANDEX4.03%11 022
SOGOU INC-26.02%3 316