Google co-founder Larry Page stepping down as CEO of Alphabet

Google CEO Sundar Pichai

Sundar Pichai, the current CEO of Google and a longtime executive at the company, will take over as CEO of Alphabet in addition to his current role, Alphabet announced Tuesday afternoon.

At the time, Google launched Alphabet as an umbrella holding company for both its core Google business as well as so-called other bets, which initially included its Nest smart device business as well as its Google Fiber internet access venture, and companies focused on robotics, self-driving cars and bio-technology.

The two will leave their roles as CEO and president of Alphabet but will remain on the company's board. He says he will continue to focus on Google while helping manage Alphabet's long term focus and future challenges. Alphabet was founded in 2015 as part of a restructuring that made it the parent company of Google and various subsidiaries; it now has more than 100,000 employees worldwide and generated 136.8 billion in revenue in 2018.

Page and Google co-founder Sergey Brin "will continue their involvement as co-founders, shareholders and members of Alphabet's board of directors", the company said.

John Hennessy, chairman of Alphabet's board, said it is "impossible to overstate Larry and Sergey's contributions over the past 21 years". President Trump has also accused Google of exhibiting political bias against conservative voices - a charge the company has repeatedly denied.

Alphabet has been positioning Pichai as the de facto leader for quite some time - making him the top executive voice at shareholders meetings, on earnings call and as a spokesman at congressional hearings.

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Google, the company that was known for the motto "don't be evil", has been known for its open and freewheeling culture, with employees encouraged to speak out. Going forward, Sundar will be the CEO of both Google and Alphabet.

Page and Brin, both 46, both have been noticeably absent from Google events in the past year.

You can read the full press release and the statements from Page, Brin, and Pichai here.

Alphabet shares were up slightly in after-hours trading.

Page dropped out of graduate school at Stanford to start Google and doesn't have a business degree.

The geeky impulses carried into his adulthood, leading him to once build an inkjet printer out of Legos.

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