Eric Schmidt will no longer be president of Alphabet

Alphabet Inc., the parent company of Google, has revealed that Eric Schmidt will step down as president of the company. He is considered one of the search giant's top managers.

Now, Schmidt is expected to assume the role of technical advisor, as well as continue to serve on Alphabet's board of directors. With the company since 2001, Schmidt was Google's CEO until 2011.

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In the period in question, Google made advances in several areas, such as mobile phone systems with Android, as well as important acquisitions such as the YouTube video platform.

In a note, Eric Schmidt said he believes the time is right in Alphabet's evolution for this transition.

 "In recent years, I have devoted much of my life to science and technology issues, philanthropy, and I plan to expand on that work," Eric Schmidt said in a statement. 

There is still no information on who will take over Schmidt's position at Alphabet, however, the company says that the replacement will be appointed by the board of directors.