Larry Page and Sergey Brin, co-founders of Google, and the CEO and president, respectively, of Alphabet, have decided to leave these roles. Sundar Pichai, the CEO of Google, becomes the CEO of Google and Alphabet, assumes the role of managing Alphabet’s investment in its portfolio of Other Bets. He continues to remain on the Aphabet board as well.

In a statement, Alphabet, the parent company of Google, said the Google cofounders, Mr. Page and Mr. Brin will continue their involvement as co-founders, shareholders and members of Alphabet’s board.

John Hennessy, chairman of Alphabet’s board, said in the same statement: “It’s impossible to overstate Larry and Sergey’s contributions over the past 21 years. I’m grateful that they will continue their involvement on the board.”

Speaking on the management change, Mr. Pichai said: “I’m excited about Alphabet and its long term focus on tackling big challenges through technology. I’m looking forward to continuing to work with Larry and Sergey in our new roles. Thanks to them, we have a timeless mission, enduring values, and a culture of collaboration and exploration. It’s a strong foundation on which we will continue to build.”

You can find an open letter by Mr. Page and Mr. Brin, and Mr. Pichai’s email to fellow Googlers here.

[Image courtesy: Alphabet]