A major change is taking place at the parent company of Google (NASDAQ:GOOGL)
Larry Page and Sergey Brin, who co-founded the Google search engine, are stepping down as leaders of parent company Alphabet Inc., ending their day-to-day involvement in the company’s operations.
The change comes as federal regulators in Washington, D.C. intensify their scrutiny of an internet industry that the two men helped to create. Sundar Pichai, the Chief Executive Officer of Google, will also run Alphabet, the company announced. The transition gives Pichai, who has led Google since 2015, oversight of the conglomerate’s vast array of expensive, futuristic endeavors, such as autonomous cars and new health-care technology.
Messrs. Page and Brin will still be controlling shareholders of Alphabet Inc. and will also remain on the company’s Board of Directors.
“We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as board members, shareholders and co-founders,” Page and Brin wrote in a news release. “In addition, we plan to continue talking with Sundar regularly, especially on topics we’re passionate about!”
Alphabet shares rose almost one per cent in extended trading on Tuesday after the change was announced following the close of markets. Alphabet Inc.’s stock closed at $1,294.74 U.S. in New York trading, leaving it up about 24% in 2019.