Google cofounders are stepping down!

 Alphabet CEO Larry page and President Sergey Brin are stepping down. Google current CEO Sundar Pichai will take over as CEO of Alphabet, Google’s parent company, while maintaining his role as CEO of Google, the company announced on Tuesday.

Larry page cofounded Google with Sergey Brin in 1998. And became Alphabet’s CEO in 2015 shortly after Google established and recognized Alphabet as its parent company.

They both announced:  "With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it's the natural time to simplify our management structure," they wrote. "We've never been ones to hold on to management roles when we think there's a better way to run the company. And Alphabet and Google no longer need two CEOs and a President."

Both will remain members of Alphabet’s board of directors and will still have controlling voting shares.

Pichai said he is excited for his new role. Pichai joined Google in 2016 as a search-bar engineer. One of his earliest achievements in the company was convincing Page and Brin to Google build its own browser Chrome to compete with Microsoft’s Internet Explorer.

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