Google's co-founders are taking a backseat. Alphabet has announced that Larry Page and Sergey Brin are stepping down as the respective CEO and President of the company, with Google CEO Sundar Pichai taking the lead at both companies effective immediately. Page and Brin will still be involved as co-founders, board members and shareholders, but they're relinquishing their leadership roles for the first time in a long while.
The two outgoing execs explained this as a "natural time" to streamline management now that Alphabet is "well-established" and its various brands (including Google) are operating smoothly as independent companies. Alphabet and Google just don't need two CEOs and a President, Page and Brin said. They pointed to Pichai as a logical pick given both his extensive experience and his "confidence in the value of the Alphabet structure." In other words, he's not likely to toss out the existing formula.
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