Larry Page and Sergey Brin step down as leaders of Alphabet

San Francisco – Google co-founders Larry Page and Sergey Brin will step down as CEO and president, respectively, of Alphabet, the internet giant’s parent company announced Tuesday. 

Google chief Sundar Pichai will also take over as CEO of Alphabet. Page and Brin will remain on the company’s board of directors. 

Page and Brin, who created Google in 1998 while students at Stanford University, said in a news release that under Pichai Alphabet will continue to develop a range of technologies, including cloud computing, artificial intelligence, energy efficiency self-driving cars and drones.  

“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,” the pair wrote in a letter about the management change. “Going forward, Sundar will be the CEO of both Google and Alphabet.”

This is a developing story.