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Alphabet has announced that its CEO and its president, Larry Page and Sergey Brin, respectively, have stepped down from their roles and that Sundar Pichai, the current Google chief exec, will now also assume the role of CEO of parent company Alphabet.

The change is effective immediately although both will continue their involvement as co-founders, shareholders and members of Alphabet’s board of directors.

The pair co-founded Google in 1998 and steered the company toward becoming a household name in a journey that saw it dominate the online media business. In a statement announcing the switch, Alphabet described it as the “natural time” to simplify the management structure of both Google and Alphabet.

“We’ve never been ones to hold on to management roles when we think there’s a better way to run the company,” the statement reads.

I want to be clear that this transition won’t affect the Alphabet structure or the work we do day to day,” Pichai said in a separate statement. “I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone.”

Ronan Shields is a reporter for Adweek, focusing on ad-tech.