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| Google co-founders Larry Page and Sergey Brin step down from parent firm | Google co-founders Larry Page and Sergey Brin step down from parent firm |
| (about 1 hour later) | |
| Larry Page and Sergey Brin, co-founders of Google, have announced they are stepping down from running the online giant's parent company. | Larry Page and Sergey Brin, co-founders of Google, have announced they are stepping down from running the online giant's parent company. |
| The pair will leave their respective roles as Alphabet's CEO and president but will remain on the company's board. | |
| Google's CEO Sundar Pichai will become Alphabet's CEO too, a statement said. | |
| Alphabet was created in 2015 as part of a corporate restructuring of Google, which Mr Page and Mr Brin famously founded in a California garage in 1998. | Alphabet was created in 2015 as part of a corporate restructuring of Google, which Mr Page and Mr Brin famously founded in a California garage in 1998. |
| The parent company was intended to make the tech giant's activities "cleaner and more accountable" as it expanded from internet search into other areas like self-driving cars. | The parent company was intended to make the tech giant's activities "cleaner and more accountable" as it expanded from internet search into other areas like self-driving cars. |
| The pair moved from Google to Alphabet when it was formed - saying they were making the jump to focus on starting new initiatives. | |
| But in a blog post on Tuesday, the pair, both aged 46, announced their departure from Alphabet. | But in a blog post on Tuesday, the pair, both aged 46, announced their departure from Alphabet. |
| A joint letter said they would remain "actively involved as board members, shareholders and co-founders" but said it was the "natural time to simplify our management structure". | A joint letter said they would remain "actively involved as board members, shareholders and co-founders" but said it was 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," their letter said. | "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," their letter said. |
| They also declared it was time to "assume the role of proud parents - offering advice and love, but not daily nagging" and insisted there was "no better person" to lead the company into the future than Mr Pichai. | They also declared it was time to "assume the role of proud parents - offering advice and love, but not daily nagging" and insisted there was "no better person" to lead the company into the future than Mr Pichai. |
| The 47-year-old was born in India, where he studied engineering. He went on to study in the US at Stanford University and the University of Pennsylvania before joining Google in 2004. | The 47-year-old was born in India, where he studied engineering. He went on to study in the US at Stanford University and the University of Pennsylvania before joining Google in 2004. |
| In a statement, he said he was "excited" about the transition and paid tribute to Mr Page and Mr Brin. | |
| "The founders have given all of us an incredible chance to have an impact on the world," Mr Pichai said. "Thanks to them, we have a timeless mission, enduring values, and a culture of collaboration and exploration that makes it exciting to come to work every day. | |
| "It's a strong foundation on which we will continue to build. Can't wait to see where we go next and look forward to continuing the journey with all of you." | |
| 'Proud parents' who aren't giving up ultimate power | |
| This move represents the most significant shake-up of leadership at Google since its inception - the first time the dynamic duo of Brin and Page, a legendary Silicon Valley partnership, won't hold important management roles in the company they founded. | |
| In reality, though, that's been the case for some time - the public face of the firm has been Mr Pichai and, to a lesser extent, YouTube chief executive Susan Wojcicki. But Tuesday's announcement makes it absolutely clear - Mr Page and Mr Brin aren't running the company. | |
| Yet while the pair are apparently relinquishing management duties, it won't mean giving up ultimate power. Between them, they control 51% of voting rights on Alphabet's board. This won't change. They likened their new role to being "proud parents" to the company, looking on with close interest and care. | |
| But should they feel the need, they can override any decision Mr Pichai makes - with little more than a parental "because we said so". | |
| Mr Page and Brin are ranked the 10th and 14th richest individuals in the world by Forbes, with each of them estimated to be worth about $50bn (£38bn). | |
| The American business magazine ranks Alphabet as the 17th largest public company in the world, with an estimated market value of $863bn. |