Eric Schmidt, the executive chairman of Google's parent company Alphabet, will step down from his role and become a technical adviser, the tech giant announced on Thursday.

Eric Schmidt at the White House on June 19. Susan Walsh / AP file

Schmidt, 62, an industry veteran who previously served as Google CEO, will remain 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 in a statement.

“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.”