Google’s Larry Page and Sergey Brin stepping down from top roles

Google co-founders Larry Page and Sergey Brin said Tuesday they are giving up their top jobs at the search giant and its parent Alphabet.

Google’s chief executive Sundar Pichai will now take over the responsibilities of Page, who had been chief executive of Alphabet; and Brin, who had been president of Google, according to a Tuesday statement.

“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,” Page and Brin said in the statement.

“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. Going forward, Sundar will be the CEO of both Google and Alphabet.”

The pair added that Pichai will be the“executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets” — the fringe technology unit that, among other things, has housed a flying-car startup that lately has occupied much of Page’s attention.

“We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as board members, shareholders and co-founders. In addition, we plan to continue talking with Sundar regularly, especially on topics we’re passionate about.”

Alphabet shares were up $9.05, or 0.7 percent, at 1,303.79 in after-hours trading.

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