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12/3, 10:37 PM (Source: TeleTrader)
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Alphabet CEO Larry Page to step down

Larry Page, Chief Executive Officer and co-founder of Google and its parent company Alphabet, announced on Tuesday he would step down from his position to be replaced by Google's CEO Sundar Pichai, who will from now on take on both roles. Also, Alphabet's other co-founder Sergey Brin would step down as the President of the company.

"We’ve never been ones to hold on to management roles when we think there’s a better way to run the company," Page and Brin wrote in a statement. "And Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet," they added.

Alphabet's stock added 0.59% in after-hours trading following the announcement.

Breaking the News / GG