Google chief Sundar Pichai was named Chief Executive of parent company Alphabet on Tuesday, during a reshuffle of executives.
Pichai will take over at Alphabet from Larry Page, a co-founder of Google. Alphabet was created through a corporate restructuring of the empire in 2015.
Google co-founder Sergey Brin — who was Alphabet's president until Tuesday's announcement — and Page "will continue their involvement as co-founders, shareholders and members of Alphabet's board of directors," the company said.
They announced the news in a Google blog post, stating the company has "evolved and matured" since the pair founded it in 1998.
"Today, in 2019, if the company was a person, it would be a young adult of 21 and it would be time to leave the roost," they said.
Both founders will remain on the board, promising an active role, and praised incoming CEO Pichai for his leadership of Google.
According to an Alphabet SEC filing in April, Page holds 42.9% of the company's Class B shares and 26.1% of its voting power. Brin holds 41.3% of the Class B shares and 25.2% of the voting power.
