After 18 years with Google, former CEO Eric Schmidt is leaving the board of directors of Alphabet's parent company.
Schmidt took over as chairman of Google's board of directors at 2001, before online advertising became the new company's main revenue stream. Google at this stage had not even announced a profitable quarter.
Schmidt will not seek his re-election on the board of Alphabet after the end of his term in 19 June, announced yesterday Alphabet, as there are concerns about the company's shares as well as online revenue advertisements is slowing down, according to CNBC.
Anti-dumping fine of the European Commission ($1,7 billion) also hurt the company's earnings this quarter.
Eric Schmidt will continue as a technical advisor to the Alphabet. Let's remind him that he served as CEO of Google from 2001 to 2011 when he was a co-founder of Google Larry Page but he remained as an executive president and was often the public face of Google.
Schmidt resigned as Executive Chairman in January of 2018.
As the Financial Times reported, Eric Schmidt has sold 70 percent of the shares he owned in Google when it went public in 2014, and the remaining 30 percent is worth around $5 billion.millions dollars.
Diane Greene, former CEO of VMware who joined the team of Google in 2015 to lead its cloud business, will not seek re-election to Alphabet's board when her term ends on June 19. Greene had been on Alphabet's board since 2012 and was replaced by its chief executive Google Cloud earlier this year by former Oracle exec Thomas Kurian.
So until now there is no one who seems to be seeking the position, but the Board does not seem to have decided to address.
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