Google co-founders Larry Page and Sergey Brin announced on Tuesday in a joint press release that they will be relinquishing control of Google's parent company Alphabet to current Google CEO Sundar Pichai.
Page was CEO and Brin was president of the nearly $900 billion company.
The pair said the decision came from a desire to "simplify our management structure."
"We've never been ones to hold on to management roles when we think there's a better way to run the company. And Alphabet and Google no longer need two CEOs and a President. Going forward, Sundar will be the CEO of both Google and Alphabet," Page and Brin said in the statement.
The co-founders said Pichai will be the "executive responsible for leading Google."
"We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as Board members, shareholders and co-founders. In addition, we plan to continue talking with Sundar regularly, especially on topics we're passionate about."
Page and Brin will still hold controlling voting shares of the company.