Google co-founders, Larry Page and Sergey Brin, have stepped down as Alphabet CEO and president, respectively. Following their stepping down, Sundar Pichai will take over as Alphabet CEO, adding to his existing role as Google CEO.
However, the co-founders will continue to serve on Alphabet’s board of directors. They will also maintain voting control over the business, owing to the fact that they still control more than 51% of shares. As of April 2019, Larry Page held 26.1% of Alphabet’s total voting power, whereas Sergey Brin held 25.25%.
The executive shuffle comes at a time when Google is facing mounting scrutiny. Regulators and politicians in the US and Europe have questioned the company’s size, data privacy practices and potential impact on society.
Alphabet Inc. is an American multinational conglomerate. Its headquarters are in Mountain View, California. It was created through a corporate restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries.
Some of the companies which Alphabet owns include self-driving car technology business Waymo and health care software company Verily. It is also the world’s fifth-largest technology company by revenue and one of the world’s most valuable companies.