Larry Page has announced that he is stepping down as CEO of Alphabet.
Sundar Pichai will take over as Alphabet CEO while remaining CEO of subsidiary Google. Additionally, Page’s Alphabet co-founder, Sergey Brin, is exiting his role as the company’s president.
In a joint statement, Page and Brin said: “It’s the natural time to simplify [Alphabet’s] management structure.”
“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,” they added.
Alphabet says Page and Brin will remain active as co-founders, shareholders and board members of the company.