Google founders Larry Page and Sergey Brin are stepping down.

Google cofounders Larry Page and Sergey Brin have resigned, leaving their Alphabet positions to Sundar Pichai.

Alphabet, the holding firm overseeing the search giant and other well-known brands like YouTube, made the announcement Tuesday that Page, Google co-founder, will surrender his CEO role to Sundar Pichai, who has been leading Google for more than four years. He will manage both Alphabet and Google under one role.

Sergey Brin, who is also stepping down, and Larry Page, announced the news in a Google blog post Tuesday, saying the company has “evolved and matured” in the two decades since its founding.

“Today, in 2019, if the company was a person, it would be a young adult of 21 and it would be time to leave the roost.”

A rough time for change

Engadget reports that Pichai is unlikely to toss out the existing formula. Alphabet will continue to rely heavily on search, cloud services, Android and Chrome, all the while branching out with more adventurous efforts like Loon and Waymo. The management shake-up comes at a rough time. Google employees have accused their employer of cracking down on worker organization, taking a lax attitude toward sexual harassment and otherwise being unresponsive to staff concerns. It’s also grappling with weighty issues like political ad integrity and accusations of bias. These problems aren’t going away now that Pichai has more power — he’ll just carry a heavier workload.

Alphabet: A project that worked

According to The Verge, since the creation of Alphabet in 2015, the launch was controversial, but the company’s stock price has more than doubled ever since, as has the company’s revenue. In its first quarterly earnings report since Alphabet’s formation, the company reported sales of $18.7 billion. In its most recent quarterly earnings report, Alphabet reported sales of more than $36.3 billion.

At the time of the announcement of Larry Page stepping down, Alphabet shares rose less than 1% in extended trading on Tuesday, according to Bloomberg. The stock closed at $1,294.74 in New York, leaving it up about 24% so far this year.

Meet the boss

This is the man who will have control of Alphabet and Google:

2019-12-03T23:30:54+00:00

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