Google stock is in the green today after the company’s co-founders announced they were stepping down as executives of Alphabet (NASDAQ:GOOGL), marking the end of a remarkable era spanning two decades at the internet giant.
Larry Page and Sergey Pin started Google in a Silicon Valley garage in September 1998 as a way to catalog the rapidly growing internet. Fast forward 21 years, and it is now one of the largest and most powerful companies in the world, with a market cap of nearly $1 trillion USD and Google stock currently trading for $1,319.77. Page, who was the CEO of parent company Alphabet, which was established in 2015, will be replaced by current Google CEO Sundar Pichai, who took on that role following the corporate restructuring.
Sergey Brin’s role as president will not be filled, nor will the position vacated by Pichai. Page and Brin had been growing more distant from the company in recent months as political pressure mounts to break up the massive company, pressure which has also been leveled at other internet giants such as Facebook (NASDAQ:FB) Page and Brin will still hold more than 50% voting shares in Google stock, despite stepping away from day-to-day duties at the firm, while incumbent CEO Pichai holds a 0.1% stake in the company.
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The pair announced their departure in a Google blog post on Tuesday, saying the company has “evolved and matured” in the two decades since its founding.“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. “While it has been a tremendous privilege to be deeply involved in the day-to-day management of the company for so long, we believe it’s time to assume the role of proud parents — offering advice and love, but not daily nagging!” Google stock is up about 1% following the news.
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