Eric Schmidt will be stepping down as the executive chairman of Google’s parent company, Alphabet. Schmidt will move into an advisory role and will continue to serve on the company's board. “Since 2001, Eric has provided us with business and engineering expertise and a clear vision about the future of technology,” Alphabet CEO Larry Page said. “Continuing his 17 years of service to the company, he’ll now be helping us as a technical advisor on science and technology issues. I’m incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation.” The company announced the decision on Thursday.