Larry Page and Sergey Brin, the co-founders of Google, will step down from their roles as chief executive officer and president of parent Alphabet, the company said in a note on Tuesday.

Sundar Pichai, the CEO of Google, will also be the CEO of Alphabet. Both Page and Brin, the major shareholders, will remain on the company board.

“We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as board members, shareholders and co-founders,” Page and Brin wrote. “In addition, we plan to continue talking with Sundar regularly, especially on topics we’re passionate about!”

Alphabet shares rose less than 1% in extended trading on Tuesday. The stock closed at $1,294.74 in New York, leaving it up about 24% so far this year.

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Source:: Fortune.com – Tech

      

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