Silicon Valley Shakeup; Google Co-Founders Page and Brin Stepping Down As Alphabet Executives
SANTA CLARA (CBS SF/AP) -- Google co-founders Larry Page and Sergey Brin announced Tuesday they would be stepping down from their leadership roles in the search giant's parent company Alphabet.
Both, however, will maintain their roles on Alphabet's Board of Directors. Sundar Pichai, who has been leading Google as CEO for more than four years, will stay in his role and also become CEO of Alphabet.
Page was Alphabet's CEO, while Brin was its president. Both have been noticeably absent from Google events in the past year. Both stopped making appearances at the weekly question-and-answer sessions with employees, and Page didn't attend this summer's Alphabet shareholder's meeting even though he was still in the CEO role.
They announced the news in a Google blog post Tuesday, saying the company has "evolved and matured" in the two decades since its founding.
"Today, in 2019, if the company was a person, it would be a young adult of 21 and it would be time to leave the roost," they said.
Page and Brin started the search giant in 1998 in Silicon Valley.
Both founders promised they plan to stay actively involved as board members and shareholders, and lauded Pichai for his leadership of the company.
The pair still hold more than 50% voting shares of Alphabet. According to an Alphabet SEC filing in April, Page holds 42.9% of the company's Class B shares and 26.1% of its voting power. Brin holds 41.3% of the Class B shares and 25.2% of the voting power.
© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.