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Former Google CEO Eric Schmidt Cut Last Ties With The Company: Report

Eric Schmidt, who had led Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOGL) and former entity Google Inc.

Benzinga · 05/11/2020 09:36

Eric Schmidt, who had led Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOGL) and former entity Google Inc. since 2001 in executive roles, cut all ties with the company in February this year, according to a CNet report on Saturday.

Schmidt was the chief executive officer of Google Inc. between 2001 and 2011, and later took the role of executive chairman. When Alphabet Inc. was created as a parent company of Google and other holdings in 2015, he took over as the new company's executive chairman, and later as a technology advisor in 2017.

According to CNet, Schmidt stepped down as a technology advisor to Alphabet in February, marking an end to his 19-year old journey with the company.

The executive's double-role as an advisor to the Pentagon and Alphabet at the same time came under criticism.

Alphabet was competing with Amazom.com Inc. (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT), Oracle Corporation (NYSE: ORCL), and International Business Machines Corp. (NYSE: IBM) for the $10 billion Joint Enterprise Defense Infrastructure or JEDI contract during Schmidt's role as an advisor to the Pentagon.

Schmidt's complete departure from Alphabet comes at a time when he's becoming more involved in government roles. New York Governor Andrew Cuomo earlier on Wednesday announced that the former Google CEO would head a "commission that will reimagine how the state can "build back better."

Price Action

Alphabet Class A shares closed 1.1% higher at $1,384.34 on Friday. Class C shares closed 1.15% higher at $1,388.37.