Congrats to Sundar Pichai!! He has become the CEO of Alphabet. On Tuesday, Larry Page and Sergey Brin announced that they are stepping back from the executive positions at Alphabet Inc. and Sundar Pichai, the current CEO of Google will now take over as the CEO of Alphabet.
Alphabet is the parent company of Google, established in 2015 by Larry Page and Sergey Brin, who are also the co-founders of Google. The Two released the letter and informed about the changes in the positions.
Page and Brin said “We’ve never been ones to hold on to management roles when we think there’s a better way to run the company. And Alphabet and Google no longer need two CEOs and a President.”
They wrote in the letter “With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it’s the natural time to simplify our management structure.” also they said that the president’s role will be eliminated from the company.
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Pichai who became the CEO of Google in 2015, is known for his engineering talents and incredible technical knowledge. He serves varieties of roles in the company such as product chief of Google and head of the Android operating system. And now he is the CEO of the entire company in addition to his current position which means a lot of responsibility is on him.
Pichai is thankful to Larry and Brin who give this opportunity to him, he also shows his gratitude by writing on Twitter, He wrote, “I’m excited about Alphabet’s long term focus on tackling big challenges through technology. Thanks to Larry & Sergey, we have a timeless mission, enduring values and a culture of collaboration & exploration – a strong foundation we’ll continue to build on.”
Even after giving up the executive positions, Page and Brin will continue working as co-founders, board members, and shareholders and they’ll still have control over voting shares of the company.
You’ll be surprised to know that only a few hours after this announcement, the company stock got up by 0.8%.
Page and Brin currently hold about 5.8% and 5.6% of the Alphabet shares respectively, whereas Pichai holds about only 0.1%. And furthermore, Google also confirms that there is no change in the voting structure of the company.
Pichai wrote in a company-wide email on Tuesday, “I want to be clear that this transition won’t affect the Alphabet structure or the work we do day-to-day.” So let’s wait and see whether these changes are good or not for the company until then keep coming back to Financeshed for more updates and news.