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 the revenues from the online ads 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 stated by Financial Times, Eric Schmidt has sold 70 percent of the shares he owned in Google when it went public in 2014, and his remaining 30 percent is worth around $5 billion.
Diane Greene, a former VMware CEO who joined the Google team in 2015 to lead her Cloud business, will not seek re-election to the Alphabet board when her term expires on June 19. Greene has been on Alphabet's board of directors since 2012 and has been replaced by its head Google Cloud earlier this year by former Oracle exec Thomas Kurian.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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