Larry Page CEO of Alphabet the parent company of google has announced he is to step down. Current google CEO Sundar Pichai will take on the role of Alphabet CEO as well as his current responsibilities at Google. Co-Founder and President of Alphabet Sergey Brin will also step down, and the role of President eliminated.

Google’s shares increased at the news.

“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,” Page and Brin wrote in a blog post announcing the change. “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.”

Read More: CNBC