Google co-founders Larry Page and Sergey Brin are stepping down from their posts at Alphabet, the parent company for the group. The new CEO is Sundar Pichai. Here are key bits from their letters.
Larry Page and Sergey Brin just got a $2.3 billion retirement gift from investors. The Google co-founders, who announced Tuesday they were stepping down from day-to-day management of parent Alphabet Inc., added more than $1 billion each to their net worth today as the firm’s shares rose 1.9% in New York.
They each own about 6% of the internet giant and still control Alphabet through special voting shares.
The gains come as investors welcome Sundar Pichai’s elevation to a chief executive officer of Alphabet, replacing Page in the role. It means the three most valuable U.S. tech firms no longer have a founder at the helm.
Like Apple Inc.’s Tim Cook and Microsoft Corp.’s Satya Nadella, Pichai is a long-time lieutenant who steadily worked his way up the corporate ladder. More than 15 years after he joined the Mountain View-based company he’s replacing Page in the top job. Brin is stepping down as president, leaving Pichai as the undisputed leader.
The shift reflects Google’s accession into corporate middle age. Started in a California garage by Brin and Page in 1998, the firm had revenue of $137 billion in 2018 and today boasts a market value of $893 billion. That’s behind only Apple and Microsoft on the S&P 500 Index.
Founder FreeOther Silicon Valley giants are also founder free. Larry Ellison’s Oracle Corp. is headed by Safra Catz, though Ellison is still involved as the company’s chairman. Some younger companies — such as Uber Technologies Inc. and We Co. — have turned to outsiders amid the turmoil.
There are some notable exceptions. Jeff Bezos and Mark Zuckerberg are still at the helm of Amazon.com Inc. and Facebook Inc. respectively, which are the fourth- and fifth-largest U.S. companies by market value.
What will Page and Brin do next?
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!
Why Sundar Pichai as CEO of Alphabet?
Sundar brings humility and a deep passion for technology to our users, partners and our employees every day. He’s worked closely with us for 15 years, through the formation of Alphabet, as CEO of Google, and a member of the Alphabet Board of Directors. He shares our confidence in the value of the Alphabet structure, and the ability it provides us to tackle big challenges through technology. There is no one that we have relied on more since the Alphabet was founded, and no better person to lead Google and Alphabet into the future.
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