Alphabet-Google's parent firm CEO Larry Page will step down from the role and Google CEO Sundar Pichai will take over, adding to his current responsibilities. Co-founder Sergey Brin will also step down as president of Alphabet and the role will be eliminated.
Page became CEO of Alphabet after Google restructured to form the parent company in 2015. He had previously been CEO of Google.
Both Page and Brin will remain “actively involved” as members of Alphabet’s board, according to the letter. The co-founders still have controlling voting shares of the company. Page holds about 5.8% of Alphabet shares, Brin controls about 5.6% and Pichai holds about 0.1%, ensuring the new CEO may still be challenged by the company’s founders. Google said its voting structure is not changing in light of the announcement.
Alphabet’s stock was up as much as 0.8% after hours. Page and Brin said in a blog post that “it’s the natural time to simplify our management structure.”
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