Hot of the presses:

Alphabet CEO Larry Page announced Tuesday that he will step down from the position. Google CEO Sundar Pichai will take over as CEO of the parent company in addition to his current role.

CNBC

What?!?! Why would Lary Page step down now, after 10 years of hard work at Waymo is about to pay off and change the world forever?

Alphabet’s stock was unchanged after hours.

CNBC

“Oh, that guy was still CEO?”

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. 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.

Larry Page & Sergey Brin

You can read the full letter from the Google founders themselves here.