Larry Page recently announced that he is resigning as CEO of Alphabet.

Alphabet is the parent company of Google. Sundar Pichai, CEO of Google, will maintain his role at Google, but also take on Page’s former role.

Page cofounded Google with Sergey Brin, who is also resigning from his position as President of Alphabet. However, both individuals will continue to serve their roles on the board of directors.

“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,” Brin and Page wrote in a joint statement.

The de-escalation of both individuals’ involvement in Google comes after much criticism for their lack of involvement to begin with. Alphabet typically holds an annual meeting during the month of June. Shareholders who attended the meeting had criticized Page for not attending. More specifically, Page was criticized because both he and his co-founder jointly hold more than half of the voting power in the company.

The majority voting power is a result of stocks in the company being segmented into different classes with different voting weights.

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Economics, Finance and Investing