Back in 2015, Alphabet was established as the parent company to Google and its many project divisions. Amidst restructuring, Google's co-founder and then-CEO, Larry Page, moved to oversee Alphabet while the SVP of Products, Sundar Pichai, was promoted as the new CEO of Google. Today, the company has signaled another monumental shift in Alphabet's business structure by announcing that Pichai will be succeeding Page as the CEO of both Google and Alphabet.

On Tuesday afternoon, co-founders Larry Page and Sergey Brin released an open letter on Google's blog detailing their decision to relinquish Alphabet's leadership responsibilities to a proven candidate:

With Alphabet now well-established, and Google and the Other Bets operating effectively as independent companies...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.

The letter continues by stating that both Page and Brin will stay on Alphabet's Board and maintain their shares in the companies they built together. As to where their careers will lead next is a mystery, but one thing is certain: the contributions they have made to the technology industry through Google are incomparable.

Pichai also offered up a statement, noting that as CEO of Alphabet and Google, "this transition won't affect the Alphabet structure or the work we do day to day." He adds, "I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing."

There is no word on when the management shift will take affect, but with 2020 on the horizon, it could be as early as next month. For more, check out the official statements from Larry Page, Sergey Brin, and Sundar Pichai, plus Alphabet's official press release at the sources below.