Google co-founders Larry Page and Sergey Brin are stepping down from their roles at the helm of parent firm Alphabet and handing the reins to current Google CEO Sundar Pichai, the company said Tuesday.

Pichai will take over from Page as CEO of the holding firm, a Silicon Valley titan that includes Google as well as units focused on “other bets” in areas including self-driving cars and life sciences.

Page and Brin, who is currently Alphabet president, “will continue their involvement as co-founders, shareholders and members of Alphabet’s board of directors,” the company said.

In a letter to employees, the two wrote: “We’ve never been ones to hold on to management roles when we think there’s a better way to run the company.”

They added that 46-year-old Pichai “brings humility and a deep passion for technology to our users, partners and our employees every day” and that there is “no better person to lead Google and Alphabet into the future.”

Alphabet was formed in 2015, giving separate identities to Google and newer projects such as autonomous car unit Waymo and smart cities group Sidewalk Labs.

Pichai, born in India, takes the helm at a time when Page and Brin, both 46, have been noticeably absent, and the company faces a torrent of controversies relating to its dominant position in the tech world.

“Google is the vast, vast majority of Alphabet in terms of revenues, profit and everything else, so why not put the guy doing a great job running all of that in charge of (the) whole company?” said Bob O’Donnell, chief analyst at Technalysis Research.

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