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Alphabet names new chairman

Alphabet Inc. has named Google Inc. board veteran John Hennessy to replace Eric Schmidt, who has stepped down as the company's executive chairman, according to an SEC filing.

Hennessy, however, will be a nonexecutive chairman. The new Alphabet chairman has been a member of Google's board since 2004.

In addition to Schmidt's exit, Shirley Tilghman is also retiring as a member of Alphabet's board, effective Feb. 15.