Google co-founder Larry Page is stepping down as CEO of its parent company Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), and Google CEO Sundar Pichai will take over both roles, Page and co-founder Sergey Brin said in a press release Tuesday. Brin will step down from his role as Alphabet president.
Page and Brin said they will remain on the company's board, but will step away from daily control of Alphabet.
"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!" the pair said.
Pichai, they said, "will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets."
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Pichai has worked with the founders for 15 years as CEO of Google and a board member at Alphabet.
"There is no one that we have relied on more since Alphabet was founded, and no better person to lead Google and Alphabet into the future," they said.
Pichai sent a message to staff emphasizing continuity.
"This transition won't affect the Alphabet structure or the work we do day to day," he wrote. "I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone."
Alphabet's stock closed at $1,294.74.
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