Google Founders Larry Page and Sergey Brin have just announced that Google CEO Sundar Pichai will replace Page as CEO of the parent company Alphabet.
In addition, Brin is giving up his role as Alphabet President.
Alphabet began to exist in 2015 as "a collection of companies" that separates Google from "other bets" that are not part of its main businesses, such as Waymo (driverless cars), Verily (life sciences), Calico (Biotech R&D), Sidewalk Labs (urban innovation) and Loon (rural Internet access via globe).
At that time, Page went from the role of Google CEO to the CEO of Alphabet, with Pichai intervening to lead the search giant. However, Page and Brin wrote today that “Alphabet and Google no longer need two CEOs and a President. In the future, Sundar will be the CEO of Google and Alphabet. "
Pichai has been the public image of Google for a while now, but this movement consolidates its leadership of the largest company, while removing Page and Brin from the spotlight.
"I am excited about Alphabet and its long-term focus on addressing major challenges through technology," Pichai said in a statement. "I really want to continue working with Larry and Sergey in our new roles. Thanks to them, we have an eternal mission, enduring values and a culture of collaboration and exploration. It's a solid foundation on which we will continue to build."
About Pichai, Page and Brin wrote:
Sundar brings humility and a deep passion for technology to our users, partners and employees every day. He has worked closely with us for 15 years, through the training of Alphabet, as Google CEO and member of the Alphabet Board of Directors. Share our confidence in the value of the Alphabet structure and the ability it gives us to face great challenges through technology. There is no one we have trusted more since Alphabet was founded, and there is no better person to lead Google and Alphabet in the future.
And instead of framing this as a deviation, the couple suggested that "there have never been those who cling to management roles when we believe there is a better way to run the company" and that they remain "deeply committed to Google and Alphabet to in the long term, and will continue to participate actively as members of the Board, shareholders and co-founders. "
As of 5:04 p.m. ET, Alphabet shares have risen 0.68% in off-schedule operations.