Google co-founders Larry Page and Sergey Brin will step down as chief executive and president of alphabet, the company’s co-founders said on Tuesday. Sundar Pichai, Google’s chief executive, will become Alphabet’s chief executive. Page and Brin will remain on the board as major shareholders.
“With Alphabet’s growth and the effective operation of Google and other companies as independent companies, now is a natural time to simplify our management structure. “When we think there’s a better way to manage the company, we’re never the kind of people who are obsessed with power. Alphabet and Google no longer need two ceswitha and a president at the same time. In the future, Sandal-Pichai will become chief executives of Google and Alphabet. ”
“We are committed to the long-term growth of Google and Alphabet and will continue to be actively involved as board members, shareholders and co-founders,” Page and Brin said. In addition, we plan to continue to communicate regularly with Sandal, especially on topics of interest to us! ”
Mr Page became alphabet’s chief executive in 2015, when Google restructured to form a new parent company to oversee “other bets” outside its main business. Page was Google’s chief executive. Under the new structure, Mr Pichai became Google’s chief executive after effectively managing most of the company’s business, while Mr Page took a back seat and focused on the bigger picture. Pichai previously led Android and Chrome at the company.
Page and Brin still control voting shares in the company. Page owns about 5.8 per cent of Alphabet, while Brin and Pichai own 5.6 per cent and 0.1 per cent, respectively, meaning the new CEO may still be constrained by the company’s founders. Google says its voting structure has not changed.
Alphabet shares rose less than 1 percent in after-hours trading Tuesday. The stock closed at $1,294.74 in New York, up about 24 percent so far this year.