Google co-founders Larry Page and Sergey Brin just announced that Google CEO Sundar Pichai will be replacing Page as the CEO of parent company Alphabet.

It also sounds like Brin is stepping down from his role as Alphabet’s president.

Alphabet first came into existence in 2015 as “a collection of companies” that separates Google from “other bets” that aren’t part of its core businesses, such as Waymo (self-driving cars), Verily (life sciences), Calico (biotech R&D), Sidewalk Labs (urban innovation) and Loon (rural internet access via balloon).

At the time, Page shifted from the Google CEO role to Alphabet CEO, with Pichai stepping in to lead the search giant. However, Page and Brin write today that “Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet.”

Rather than framing this as a departure, the pair suggests that they’ve “never been ones to hold on to management roles when we think there’s a better way to run the company” and that they remain “deeply committed to Google and Alphabet for the long term, and will remain actively involved as Board members, shareholders and co-founders.”

 

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