Google’s existing CEO Sundar Pichai is now also parent company Alphabet, following the departure of the company’s co-founders from the top of the organisation.
Larry Page is stepping down as CEO of Alphabet, while Sergey Brin is vacating his role as President of the company.
The pair, who started Google in 1998 while students at Stanford, will remain on Alphabet’s board. Wired noted the pair control 51.3 per cent of the voting power thanks to Alphabet’s dual-class share structure, effectively still controlling the company without being involved in the day-to-day running of it.
“While it has been a tremendous privilege to be deeply involved in the day-to-day management of the company for so long, we believe it’s time to assume the role of proud parents—offering advice and love, but not daily nagging!” Page and Brin wrote in a blog post.
“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.”
Pichai, has been with Google for 15 years and became CEO in 2015 when Alphabet was created. He is now responsible for leading Google as well as managing Alphabet’s investment in its “Other Bets” division which includes self-driving car unit, Waymo.
As the chart below from Statista illustrates, Alphabet’s share price nearly doubled since Pichai was appointed CEO of Google, outperforming the S&P 500 and making Alphabet the third most valuable company in the world (behind Apple and Microsoft) worth US$911 billion.