Google co-founders Larry Page and Sergey Brin are stepping down from Alphabet, Google’s parent company. They are now handing over all responsibilities of the company to the current Google CEO, Sundar Pichai. However, they will still retain their seats on the board and will be employees of the company. The sudden announcement is not really a surprise since the two founders of Google have been out of the limelight ever since a major restructuring took place at the company back in 2015 and Alphabet was created. Ever since, the company’s stock prices have soared, along with its revenue.
A blog post by Page and Brin reads, “With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it’s the natural time to simplify our management structure. We’ve never been ones to hold on to management roles when we think there’s a better way to run the company. And Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet.”
“He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets. We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as Board members, shareholders and co-founders. In addition, we plan to continue talking with Sundar regularly, especially on topics we’re passionate about,” they add.
Pichai says that the new changes won’t affect Alphabet’s structure or its daily workings in any manner. “I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone. At the same time, I’m excited about Alphabet and its long term focus on tackling big challenges through technology,” says Pichai.