'Continuing his 17 years of service to the company, he'll now be helping us as a technical advisor on science and technology issues.
Schmidt was Google's CEO from 2001 to 2011, working closely with founders Larry Page and Sergey Brin to engineer an astounding period of business growth.
Schmidt "has played a key role in the development of Google from a small California start-up to the global business it is today", says BBC News.
"In recent years, I've been spending a lot of my time on science and technology issues, and philanthropy, and I plan to expand that work", said Schmidt.
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Page and Brin founded Google in September 1998.
You can read the entirety of the statement over on Alphabet's investor site. In his tweet announcing the news, there was none of the humor he displayed when he stepped down as Google CEO in 2001, joking that "Day-to-day adult supervision [was] no longer needed!"
Schmidt departs at a time when Google is still riding high as the world's second-most valuable corporation by market capitalization, behind only Apple. "I'm incredibly excited about the progress our companies are making, and about the strong leaders who are driving that innovation".
Through a Google spokesman, Schmidt declined to comment.
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The plant was eventually purchased by Canadian billionaire Hershey Friedman and is now currently known as Agri Star Meat and Poultry.
The longtime executive will transition to becoming a technical advisor when the company holds its regular board meeting in January. There is no mention who will replace him but the Board may appoint a "non-executive chairman" this time. During President Barack Obama's administration, Schmidt, who has supported many Democratic politicians, prominently represented Google on policy matters.
In October 2015, Alphabet became the parent holding company of Google, which has more than 70,000 employees worldwide.
In the meantime, Google is under fire, along with other tech giants, as legislators seek to deal with the perceived monopolies these companies have.
The company is also in the midst of a nightmare with the European Commission.
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He also said that Boeing's claim was meritless since they don't have an aircraft that can compare to the CSeries. Boeing said Bombardier hurt its chances of selling its 737 airplane in the US , which Bombardier denies.