Alphabet has announced that former Google CEO Eric Schmidt will be stepping down from his role as Alphabet’s executive chairman. Schmidt will be transitioning to a new position as a technical advisor at the company as he continues to serve on Alphabet’s board.

Schmidt has served in senior roles at Google since 2001, when he was first brought on by Larry Page and Sergey Brin as the search giant’s chief executive. He stepped down from the role to serve as Google — and later Alphabet’s — executive chairman, a role he’s served in until today.

After ten years as CEO and seven as Executive Chairman, I can’t wait to dive into the latest in science, technology, and philanthropy. I look forward to working with Larry and Sergey on our future here at Alphabet. https://t.co/nVnZqMEHoI — Eric Schmidt (@ericschmidt) December 21, 2017

In a statement, Schmidt commented that "Larry, Sergey, Sundar and I all believe that the time is right in Alphabet's evolution for this transition. The Alphabet structure is working well, and Google and the Other Bets are thriving.” He also noted that he’d continue to be expanding his work in science and technology issues and philanthropy.