Alphabet (GOOGL) announced on Tuesday that Google CEO Sundar Pichai will replace Larry Page as CEO of Alphabet.
Pichai will serve as CEO of both Alphabet and its Google subsidiary. Page and Sergey Brin will leave the roles of Alphabet CEO and President, respectively.
The tech giant said the move is effective immediately. Page and Brin will remain on Alphabet’s board.
“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,” Pichai said in a news release. “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.”
Meanwhile, Alphabet shares were up 0.6% to $1,302.38 in after-hours trading.
Google was co-founded by Larry Page and Sergey Brin in 1998 and the pair have managed the company through its transition to a publicly traded corporation in 2004 all the way up to 2015 when Alphabet Inc. was formed as a parent to Google.