Former Google CEO Eric Schmidt said Thursday will step down as executive chairman of the search giant’s parent company, Alphabet Inc.

Schmidt will remain on the board and serve as “a technical advisor on science and technology issues,” Alphabet Chief Executive Larry Page said in Thursday’s announcement.

“Larry, Sergey, Sundar and I all believe that the time is right in Alphabet’s evolution for this transition,” Schmidt said, referencing Google’s two cofounders and its current CEO. “The Alphabet structure is working well, and Google and the Other Bets are thriving.”

According to a filing with the Securities and Exchange Commission, Schmidt informed Alphabet of his desire to step down on Monday. Page and Sergey Brin recruited Schmidt to be the CEO of their young company in 2001, and he served in that post until 2011, when Page took over the reins and Schmidt moved up to the chairman role.

Schmidt has been a prominent figure for Alphabet since, appearing regularly in public on behalf of the company. Alphabet said it plans to appoint a non-executive chairman to replace Schmidt as the head of its board.