Eric Schmidt will no longer serve as the executive chairman of Alphabet's board of directors. According to a company statement, he will be transitioning to a new role as technical advisor on "science and technology issues."

Schmidt has held several roles within Google. He was Google's CEO in 2001 and then became executive chairman in 2011 when co-founder Larry Page took over the role of CEO. He stayed as executive chairman after the Alphabet restructuring.

"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," said Schmidt in a statement.

Alphabet expects to appoint a non-executive chairman in the near future.