Google’s parent company Alphabet Inc.’s former CEO and co-founders Larry Page and Sergey Brin received a $1.7 billion retirement gift as the company’s share increased 1.5% after they stepped down.
The co-founders on Tuesday had announced their retirement from day-to-day management of Alphabet and appointed Sundar Pichai as their successor.
Page and Brin both own about 6% of the company’s share and have control of the company through several voting shares.
More than $800 million was added to each of their net worth after the appointment of Sundar Pichai. After 15 years of being associated with Google, Pichai was declared as the undisputed leader of the Google nad Alphabet both.
Google was founded by Page and Brin in a California garage in 1998. The company is entering its corporate middle-age with a revenue of $137 billion in 2018. The internet-giant is worth $893 billion in the market today behind Apple and Microsoft.
Alphabet is the new Silicone Valley giant to be founder free after Apple Inc.'s founder Tim Cook and Microsoft Corp.'s Satya Nadella stepped down.
Pichai has been serving as the CEO for Google since 2015, Alphabet’s share price doubled during his reign even though the company was being intensely scrutinised from regulators and lawmakers.
Under his leadership as CEO, Google has been focused on developing products and services, powered by the latest advances in AI, that offer help in moments big and small.
It has invested in new opportunities such as Google Cloud and YouTube and has continued to be a leader in advanced technologies, including machine learning and quantum computing.
Pichai, who grew up in Chennai and studied engineering at the Indian Institute of Technology, Kharagpur holds a master's degree from Stanford University and an MBA from the Wharton School.
With inputs from Agencies.