The parent holding will be headed by Google CEO Sundar Pichai.
Google founders Larry Page and Sergey Brin will depart from the management of the Alphabet holding, this was reported on the company’s website. The company will be led by Google CEO Sundar Pichai.
Brin and Page published a letter of change in the company, in which they noted the need for change.
With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it’s the natural time to simplify our 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.From the Alphabet’s press release
Pichai said he was delighted with Alphabet and the company’s focus on solving big problems with technology, but promised to devote enough time to Google and its projects.
CNBC noted that even though they left Alphabet’s leadership, they can easily challenge Pichai’s decisions. Together they own more than 51% of the vote — 26.1% for Page and 25.2% for Brin.
Alphabet Holding was established in 2015, it includes Google and other projects of the company. Page was the CEO of the holding, and Brin served as president of Alphabet. Then they said that such a separation would allow risk-free development of projects not related to the main business.
Page and Brin founded Google in September 1998. Today, the company’s capitalization is about 900 billion dollars, and the number of employees exceeds 100 thousand people. Page’s fortune is estimated at $62.7 billion and Brin — at $60.9 billion. Businessmen are among the ten richest people in the world according to Bloomberg.