Alphabet Inc (NASDAQ: GOOG) also popularly known as Google has today announced that, its two famous co-founders were stepping down. Larry Page and Sergey Brin will no longer be involved in the day-to-day affairs of the company. Instead, that role now goes to one of the company’s most trusted people, Sundar Pichai. Pichai who has been heavily involved with the company’s search business will now take over as the CEO of the Google Umbrella Company, Alphabet Inc.
In a blog, the two famous co-founders of the search behemoth stated that, being involved in the company’s daily management was a huge privilege. However, they now believe it’s now time to to act as proud parents, i.e. giving advice but not taking part in every little thing going on.
Pichai shares the duo’s focus of developing artificial intelligence software designed to make search faster, and even more personalized. This, while at the same time expanding on other services. Nonetheless, even as they exit the stage, there are challenges for the new leader. The first one is the increased scrutiny on privacy related issues. Besides government scrutiny, the company has experienced employee protests and resignations over concerns that the founders, “don’t be evil” philosophy maybe weakening at Google.
However, these are issues that the company could deal with by streamlining its management structure with the exit of the two founders. According to Kim Caughey of Bokeh Capital Partners, the exit of the two marks the company’s shift towards a greater focus on technology that generates money.
Looking at the charts, the company has been gaining all through H2 of 2019. In yesterday’s session, the company was trading between a high of $1398.46 and a low of $1279 before closing the day at $1295.28. Volumes in the day stood at 1.27 million shares.
About Alphabet Inc
Alphabet Inc is an American company that offers online advertising among other services. The company has its headquarters in Mountain View, California.