Paige and Brin hand over control of Alphabet
Google co-founders Larry Page and Sergey Brin are leaving their positions at the company, which they founded 21 years ago, turning into one of the most valuable and influential in the world..
Sundar Pichai, who has led Google’s core search business since 2015, will take over as CEO of Alphabet Inc.
Page, Brin and Pichai have focused on developing AI software to make web searches faster and more personalized, while expanding the range of information and services available from a simple text query..
However, their vision has met with unprecedented attention from most governments in the world. The company is accused of anti-competitive behavior, and demands to increase tax deductions. Thousands of employees protested, and some even quit, due to the situation..
Optimizing Alphabet’s unorthodox governance structure could help the company better respond to challenges and focus on profitable growth, investors say.
«This approach signals a transition per company model, technology-driven and profitable growth», – said Kim Kogi Forrest, chief investment officer of Bokeh Capital Partners.
Alphabet owns over a dozen organizations, including Waymo’s automotive business.. Google retains control of major companies including video giant YouTube, Android smartphone software and hardware, and cloud computing.
Page wanted to focus on developing new projects that collectively incur losses. He left Google, the largest and most profitable part of Alphabet, to Pichai, who delegates some of the powers to the top managers who manage the various product lines..
Page and Brin, who once regularly attended public events and Google headquarters, have become much less visible in recent years.. This drew growing criticism from employees and US lawmakers, who demanded answers from them about the company’s controversial projects..
The co-founders continue to control the company through the ownership of preferred shares. As of April, Page owned 26.1% of Alphabet’s total votes, Brin 25.25% and Pichai less than 1%.