From the article, it looks as if he's still going to be involved, but in an advisory role.

Eric Schmidt said Thursday that he is stepping down in January from his role as executive chairman of Alphabet, the parent company of Google, and will begin serving in a more limited capacity as a technical adviser.

“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,” he said in a statement.