Google today announced that the company co-founders Larry Page and Sergey Brin would leave their respective roles as CEO and President of Alphabet. Sundar Pichai, the current Google CEO will take over their roles. Brin and Page will remain “active” as the shareholders and board members at the company they co-founded 21 years ago.
“While it has been a tremendous privilege to be deeply involved in the day-to-day management of the company for so long, we believe it’s time to assume the role of proud parents – offering advice and love, but not daily nagging!!” writes Page and Brin in a blog post on Tuesday.
Sundar Pichai took the role of company CEO around four years ago, just after holding company Alphabet was announced. Since that time, Google’s revenues have increased from roughly $74.5 billion to $136 billion last year. The company’s share price has increased more than twice and it’s market cap has grown from just under $500 billion to roughly $900 billion today.
Looking at the results, investors should look down this transition as entirely positive. Pichai had been the company’s product chief and the duos have not been involved in the daily operations of the company for a long time. Pichai, Brin, and Page all share an emphasis on developing artificial intelligence software that will make searching and other tasks faster.
Pichai will now be the sole leader of Google’s digital empire, presiding at the time of opportunity and peril. Google currently faces unprecedented scrutiny with governments on five continents that are demanding better safeguards, less anti-competitive conduct and more taxes from the largest advertising company in the world.
Streamlining management could help Alphabet respond to the challenges and focus on growing profits, as per the investors. Alphabet owns more than a dozen companies including self-driving car technology business Waymo and health company Verily. The company has not clarified on whether public financing reporting would change with Pichai taking both CEO positions.
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