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Eric SchmidtEric Schmidt REUTERS/Beck Diefenbach

Eric Schmidt, who helped oversee Google’s rise from a search startup to a global behemoth, is stepping down as the executive chairman of Alphabet, the search giant’s parent company.

The change will be effective as of the company’s next regular board meeting, in January, Alphabet said in a statement on Thursday. The company says it expects to replace him with a non executive chairman.

To read more about Schmidt’s resignation, click here.

In other news:

Papa John’s controversial CEO has stepped down after facing backlash for his criticism of NFL anthem protests. John Schnatter sparked controversy last month by slamming NFL leadership for its handling of players’ protests during the national anthem.

Speaking of Papa John’s, the pizza culture wars were this year’s biggest fast-food feud. Papa John’s founder and CEO John Schnatter said that NFL player protests were hurting pizza sales, while Pizza Hut said the next day that the protests weren’t impacting sales. 

Foot Locker is combining 2 of the hottest trends in internet culture to build hype around the latest Air Jordan sneakers. The retailer is unveiling a first-of-its-kind Snapchat Lens this Christmas, which people can use to ‘unbox’ Gatorade sneakers using augmented reality.

The Long Island Iced Tea company said it’s pivoting to blockchain — and its stock soared by more than 400%. This pivot to blockchain is the latest in a trend of companies rebranding, refocusing, or announcing new efforts related to blockchain and cryptocurrencies, sending their stock through the roof.

Facebook is scrapping its system of flagging fake news because it had “the opposite effect to what we intended.”  The company found that it could actually entrench people more strongly in wrongly held beliefs.

On the topic of Facebook, if you’re looking to buy some stolen credit card numbers, just head to Facebook. Facebook’s Community Standards prohibits such pages and takes them down if they are reported, but they still appear in abundance.

Amazon filed a trademark for a YouTube-like competitor — even as it was feuding with Google about access to the video site.  It filed a trademark for “AmazonTube” on December 5.

Major League Baseball Advanced Media head Bob Bowman was forced out of the multibillion-dollar digital-media business last month on allegations related to his workplace conduct, reports the Wall Street Journal. In a statement said that the culture was hard working and driven, and at times, also “inappropriate and I take full responsibility.”

Facebook has struck a deal with Universal Music Group, reports Recode. The deal will allow users to upload video with clips of songs from the label’s artists in the background.

Check out Business Insider’s 10 Best Ads as well as 10 Worst Ads of 2017. 

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