Sundar Pichai takes over as Alphabet's CEO: Details here

In a letter shared on a Google blog, Page and Brin announced that they will no longer oversee the almost trillion-dollar empire of Alphabet companies.

As part of this change, the letter read, Pichai will replace Page as the CEO, while Brin's position of President would be eliminated after he steps down.

They would remain Alphabet employees and board members.

"With Alphabet now well-established, and Google and the Other Bets operating effectively..., it's the natural time to simplify our management structure," Page and Brin said in the letter.

"We've never been ones to hold on to management roles... And Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet," they added.

The change gives Pichai full control over Alphabet and the companies under its umbrella, making him one of the largest corporate leaders in the world.

"He will be the executive responsible and accountable for leading Google, and managing Alphabet's investment in our portfolio of Other Bets," Page and Brin emphasized in the letter, adding that they will continue to have regular discussions with Pichai.

Pichai said that the managerial changes at Alphabet will not affect the work the company has been doing.

"I will continue to be very focused on Google and the deep work we're doing to push the boundaries of computing...," he said, adding that "At the same time, I'm excited about Alphabet and its long term focus on tackling big challenges through technology."