The CEO of google sunder Pichai has changed the ownership of its parent company Alphabet And the founder of the company announced to step down to the parent company.
Plus the co-founder of Google Sergey Brin has also decided to leave the post of the president of the company.
It was founded in 1998 by Larry Page and Sergey Brin as the time passed it became the worlds number one search engine around the globe
In 2015 the have created Alphabet when larry resigned the company and sunder Daichi become the Chief Executive Officer of Alphabet.
What is Alphabet
Alphabet is a new company being created by the founders of it that will take over everything currently run by the company. Call it a conglomerate or holding company.
Alphabet will become the new parent of that and other companies like Nest that are currently owned by that. It was created in 2015 The headquarters of alphabet is in mountain View, California.
Larry Page Announced this news in the Post
“I want to be clear that this transition won’t affect the Alphabet structure or the work we do day today. I will continue to be very focused on Google, and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone,”
“At the same time, I’m excited about the Alphabet and its long-term focus on tackling big challenges through technology.”
The co-founder of google will remain active in decision-making matters according to the reports.
both page and Brin are the Alphabets boards of directors which means they own more shares then the current CEOS Page has control over 5.8% and brin owns 5.6 the new CEO sunder pitch only possesses 0.1.% of the shares.
Google also added that the voting will remain the same which means the CEO will remain answerable to co-founders.
When the investor saw this post they took it very positively as the stock of Alphabet wen up by 0.8 percent after a few hours of announcements.