(04 December 2019)DAILY MARKET BRIEF 2:Google founders step down, put Pichai in charge of Alphabet

Larry Page and Sergey Brin guided Google from a search startup to a massive conglomerate, will remain board members and controlling shareholders Alphabet Inc. will enter the 2020s without two leaders who have been a constant presence since Google was launched out of a Silicon Valley garage more than 20 years ago. Alphabet (GOOGL) Chief Executive Larry Page and President Sergey Brin are exiting active management of the company immediately, the Google parent company announced Tuesday afternoon. Sundar Pichai, who has been chief executive of Google since the company transformed into the conglomerate known as Alphabet, will now function as chief executive of Alphabet as well as Google. "With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it's the natural time to simplify our management structure," Page and Brin wrote in a letter posted Tuesday afternoon. "We've never been ones to hold on to management roles when we think there's a better way to run the company. And Alphabet and Google no longer need two CEOs and a President."

By Vincent Mivelaz