Google co-founders Larry Page and Sergey Brin are stepping down, with Google CEO Sundar Pichai set to become Alphabet CEO as well.

Page was Alphabet’s CEO and Brin its president.

They announced their intention to depart their posts this week.

“With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies, it’s the natural time to simplify our management structure,” they write.

“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. He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets.

“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.”

Sundar sent an email to Google staff, stating: “I want to be clear that this transition won’t affect the Alphabet structure or the work we do day to day.

“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.

“At the same time, I’m excited about Alphabet and its long term focus on tackling big challenges through technology.”