Alphabet Inc  (formerly Google Inc)’s Executive Chairman Eric Schmidt is stepping down from his position, the company announced in a statement. Schmidt will now be a technical advisor for science and technology issues at the company, and will also continue to be the company’s board member.

In a statement, Schmidt said that he has been spending a lot of time on science and technology issues, and philanthropy, and he plans to expand that work. He had joined Google in 2001 as its CEO and became Executive Chairman in 2011. The company said in its statement it expects to appoint a new non-executive chairman in its next board meeting.

Schmidt played a key role to take the company public in 2004, and then later overseeing corporate restructuring two years ago. Google had a restructuring in August 2015, when it became a part of its holding company called Alphabet.

Alphabet’s Financials

The company posted total revenues of $27.8 billion, up 24% YoY from $22.5 billion for the quarter ended September 30, 2017 (Q3 2017). Alphabet Inc posted a net income of $6.7 billion. The headcount at the company stood at 78,101, up from 69,953 in Q3 2016.