As Sundar Pichai becomes Alphabet chief, founders get $2-bn retirement gift
As Sundar Pichai becomes Alphabet chief, founders get $2-bn retirement gift on Business Standard. The Google co-founders added more than $1 billion each to their net worth as the firm's shares rose 1.9 per cent in New York
Latest News Larry Page and Sergey Brin just got a $2.3 billion retirement gift from investors. The Google co-founders, who announced Tuesday they were stepping down from day-to-day management of parent Alphabet Inc, added more than $1 billion each to their net worth as the firm’s shares rose 1.9 percent in New York.
They each own about 6 percent of the internet giant and still control Alphabet through special voting shares. The gains come as investors welcome Sundar Pichai’s elevation to chief executive officer of Alphabet, replacing Page in the role.
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It means the three most valuable US tech firms no longer have a founder at the helm. Like Apple Inc’s Tim Cook and Microsoft Corp.’s Satya Nadella, Pichai is a long-time lieutenant who steadily worked his way up the corporate ladder.
More than 15 years after he joined the Mountain View-based company he’s replacing Page in the top job. Brin is stepping down as president, leaving Pichai as undisputed leader...Read more.
News Source : BS / Business Standard