The US tech company Alphabet Inc. (NASDAQ: GOOG, GOOGL) has today announced that the CEO Larry Page will leave his role in the company management, but will stay in the Board. The change is effective immediately.

According to the company information Larry Page and Sergey Brin, the CEO and President, respectively, of Alphabet, have decided to leave these roles. They will continue their involvement as co-founders, shareholders and members of Alphabet’s Board of Directors.

– Sundar Pichai, the CEO of Google, becomes the CEO of Google and Alphabet. He will remain the CEO of Google, and assumes the role of managing Alphabet’s investment in its portfolio of Other Bets. Pichai will remain a member of Alphabet’s Board of Directors, the company says.

The company share closed up 0,46% to 1294,74 dollars in New York on Tuesday.

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