The founders of the world's fourth-largest listed company are calling it a day for their executive roles at Alphabet Inc (NASDAQ: GOOGL), but they will still stay on as shareholders and board members.
One of the most significant executive departures of the decade was announced this morning with Google co-founders Larry Page (CEO) and Sergey Brin (president) stepping away from their roles at the helm of the media giant's parent company Alphabet.
It has now been more than 21 years since the pair founded Google in Mountain View, California, and just over four years since Alphabet was founded as a holding company with a raft of other businesses including Google Ventures (GV) and R&D organisations in the fields of science and technology.
When that restructure occurred in 2015, then Google CEO Larry Page took on the chief executive role at the newly founded company, handing the reins of Google to Sundar Pichai.
Pichai will now hold the CEO role at both Google and Alphabet, the latter where will remain on the board of directors and will also manage the group's portfolio of "Other Bets".
"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," Page and Brin said in a letter about the transition.
"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."
Page and Brin said they would be in regular contact with Pichai, especially on topics they are passionate about.
"Sundar brings humility and a deep passion for technology to our users, partners and our employees every day. He's worked closely with us for 15 years, through the formation of Alphabet, as CEO of Google, and a member of the Alphabet Board of Directors," they said.
"He shares our confidence in the value of the Alphabet structure, and the ability it provides us to tackle big challenges through technology.
"There is no one that we have relied on more since Alphabet was founded, and no better person to lead Google and Alphabet into the future."
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