Google co-founders Larry Page and Sergey Brinannounced their resignation from the roofing company Alphabet. the two will leave their ceo duties at Alphabet, but will continue to be on the company’s board of directors. Google’s CEO Sundar Pichai will also be the CEO of Alphabet.
Google, founded by Page and Brin in 1998, entered alphabet in 2015. At this point, alphabet’s technology giant has expanded its activities from internet searches to other areas, such as autonomous vehicles. The two, together with Alphabet, said they wanted to focus on new ventures, but in a blog post published yesterday, the founding partners, both 46 years old, announced their departure from the company.
According to company files, each of Page and Brin owned 25.9 per cent and 25.1 per cent of Alphabet’s voting power, making up more than half of the company’s controlling shares. This is because the company’s management structure can produce 10 votes per share. On Tuesday, Google confirmed to CNBC that the company’s voting structure will not change as part of a leadership change.
Page and Brin announced that they would remain active as board members, shareholders and founding partners. However, they said they believed it was time to change the management structure. the two added that the company does not need two CEOs and the president.
Page and Brin said they’d be like parents who advised the company but didn’t get involved in everyday tasks. The two also underlined that Sundar Pichai is the most suitable man to be the CEO of Alphabet.