Google Co-Founders, Larry Page and Sergey Brin, have decided to step down from their management positions at the parent company Alphabet, yet, retain a controlling stake in the search engine.
The US company that owns the famous search engine Google in a statement on its official website, on Tuesday, that "Page" resigned from his position as CEO of Alphabet and Brin stepped down from the position of president of the company.
The company said that Google CEO "Sander Pichai" will be the executive officer of both Google and Alphabet. Pichai, who is set to oversee a variety of projects under Alphabet, has been leading Google since 2015.
Both co-founders will retain a controlling stake in Alphabet, and will remain on the board.
"We are strongly committed to Google and Alphabet in the long run and will remain actively engaged as directors, shareholders and founders," the two founders wrote, adding that they will to continue to communicate with Pichai on a regular basis, especially on topics they are passionate about.
Page and Brin started the search engine in 1998 during a research project at Stanford University, becoming one of the largest and most profitable companies around the world.
Shares of the US company made gains of up to 24 percent this year till the end of yesterday's session.
Alphabet ended yesterday's trading at $ 1295.28, up 0.4 percent, yet, futures indicated it would start today's session up 1 percent.
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