The founders of Google, Larry Page and Sergey Brin, are stepping down as CEO and president of Alphabet and handing over the reins to Google's current CEO Sundar Pichai.
"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," Page and Brin wrote in a letter on Tuesday.
Alphabet and Google no longer need "two CEOs and a President" to run both companies, the co-founders added. So they've decided to step aside to let Pichai lead the tech giant's sprawling empire as CEO of both Alphabet and Google.
"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," Page and Brin went on to write.
Pichai has been at Google for more than 15 years and began leading it as CEO in 2015 — the same year Alphabet was created as the parent company. In his own remarks, Pichai said he'll continue to work with Page and Brin, who'll stay on as Alphabet board members.
"I want to be clear that this transition won't affect the Alphabet structure or the work we do day to day," Pichai said. "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."
To some degree, the transition has already occurred. In recent years, Pichai has become the public face for Google, speaking at company keynotes, testifying to lawmakers, and also answering questions during Alphabet's quarterly earnings calls. Page and Brin, on the other hand, have largely shied away from the public spotlight.
Pichai will now have direct control over Alphabet's growing family of subsidiary companies, which include the driverless car unit Waymo, the drone delivery business Wing, and balloon-powered internet provider, Loon. He'll also be able to direct long-term investments in Alphabet's "Other Bets," which generally consist of experimental projects.
In their letter, Page and Brin say they'll consult with Pichai on topics they're particularly passionate about. "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!" they added.
The two founded Google back in 1998. Since then, the company has become one of leading players in the tech industry. But despite stepping down, Page and Brin still hold a large controlling stake in Alphabet.