Google CEO Sundar Pichai will replace Larry Page as the head of parent company Alphabet Inc, as founders Page and Sergey Brin step down from active roles. Pichai will remain the CEO of Google, and will assume the role of managing Alphabet’s investment in its portfolio of Other Bets. He will also remain a member of Alphabet’s Board of Directors.

Page and Brin wrote that as Alphabet was now well-established, and Google and the Other Bets operating effectively as independent companies, it was the natural time to simplify their management structure.

“Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar [Pichai] will be the CEO of both Google and Alphabet. He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets.”

They also added that they are still “deeply committed” to Google and Alphabet for the long term, and would remain actively involved as Board members, shareholders and co-founders.

John Hennessy, Chairman of Alphabet’s Board of Directors, said: “It’s impossible to overstate Larry and Sergey’s contributions over the past 21 years. I’m grateful that they will continue their involvement on the Board.”

Pichai said: “I’m excited about Alphabet and its long term focus on tackling big challenges through technology. I’m looking forward to continuing to work with Larry and Sergey in our new roles. Thanks to them, we have a timeless mission, enduring values, and a culture of collaboration and exploration. It’s a strong foundation on which we will continue to build.”