Connect with us

Business

Larry Page steps down as CEO, Sundar Pichai to run Google and Alphabet

Published

on


SAN FRANCISCO — It’s the end of an internet era: Larry Page is stepping down as head of Alphabet, Google’s parent company, and ceding management control to Sundar Pichai who will take over as CEO of both, the internet giant said in an announcement Tuesday. 

Page and Sergey Brin, who co-founded Google more than two decades ago while graduate students at Stanford University, will continue as members of Alphabet’s board of directors and still exercise considerable sway over the company as its two largest individual shareholders.

The surprise news from one of the world’s most powerful technology companies comes as Google has been rocked by criticism from Washington lawmakers and President Trump, growing scrutiny from regulators, rising competition from Amazon.com, internal scandals and unrest within its own ranks.

Saying it’s a “natural time to simplify our management structure,” Page and Brin said Google and its parent company no longer need “two CEOs and a president.”

“We’ve never been ones to hold on to management roles when we think there’s a better way to run the company,” the duo wrote in a letter announcing their decision.

Google jobs: Google to give $1 billion to nonprofits and help Americans get jobs in the new economy

Conservative bias?: Google CEO Sundar Pichai to testify before Congress, answer questions on conservative bias

Page’s step back from the spotlight did not surprise Google watchers who have noted his increasingly hands-off approach to being Alphabet’s top executive even as demands on the leaders of major tech companies intensified.

In recent years, Page and Brin spent most of their time focused on what Alphabet calls “other bets,” technologies that are far afield from internet advertising, while Pichai ran Google and its search and advertising business.

It wasn’t always this way. Page was far more visible inside and outside the company in 2011 when he retook the reins as CEO from Eric Schmidt, who was brought in to help take the young company public in 2004. The public offering was the springboard that transformed Google’s lucrative search advertising business into one of the world’s largest companies with its fingers in everything from YouTube to smart devices.

Pichai, who joined Google in 2004, became CEO of Google in 2015 when Google created a new publicly traded company to house all of its disparate businesses at a time when investors were rattled by Google’s spending on its “moonshots,” experimental projects such as driverless cars and delivering Internet access from high-altitude balloons. 

In that sweeping overhaul of the company, Page became CEO of Alphabet, Brin became president and Eric Schmidt became executive chairman. Schmidt stepped down in January 2017. Now all three figures have taken their hands off the wheel in the daily management of Alphabet.

In an email to Google employees, Pichai said the management shift would not undercut his work at Google. “I will continue to be very focused on Google and the deep work we’re doing to push the boundaries of computing and build a more helpful Google for everyone,” he wrote. “At the same time, I’m excited about Alphabet and its long term focus on tackling big challenges through technology.”

Alphabet shares closed at $1,294.74 Tuesday and rose less than 1% in after-hours trading after the news broke. Alphabet stock is up about 24% this year. The company is valued at nearly $900 billion. Page and Brin are among the wealthiest people in the world.



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

President Trump speaks at March for Life event | USA TODAY

Published

on



President Donald Trump is expected to join fired-up March for Life crowds as anti-abortion laws face court challenges

RELATED: Celebrities and politicians react to abortion ban laws

As states and reproductive rights groups battle in courtrooms over the harshest crackdowns on abortion access in decades, tens of thousands of people are set to take to the street Friday calling for an end to the practice.

Energized by sweeping legislative victories – and buoyed by an appearance by President Donald Trump – organizers say an estimated 100,000 people are expected to converge on Washington, D.C., for the 47th annual March for Life.

» Subscribe to USA TODAY:
» Watch more on this and other topics from USA TODAY:
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.

source

Continue Reading

Business

Saudi wealth fund in talks to buy Newcastle United

Published

on

By


Saudi Arabia’s sovereign wealth fund is in talks to acquire English Premier League football club Newcastle United for just under £350m, becoming the latest Middle Eastern investor to seek entry into the world’s most popular sport. 

The deal is being brokered by British financier Amanda Staveley with almost all of the funding coming from the Public Investment Fund, controlled by Saudi crown prince Mohammed Bin Salman, according to people familiar with the discussions. 

The club is owned by UK retail magnate Mike Ashley, who was asking as much as £400m from potential buyers earlier this month, according to a person familiar with the talks. 

People close to the talks added that the PIF-backed investment group was seeking to acquire Newcastle for between £340m-£350m. The group has earmarked a further £200m for investment in the club.

There is no certainty a deal will be reached. One person close to the talks said they had been on and off for months, with discussions heating up again in recent weeks. An earlier iteration of talks between Mr Ashley and Ms Staveley collapsed in acrimony two years ago after a cash offer of £250m was rejected. 

If the deal is completed, the Saudi-led group would become the latest Gulf investor in football. Ms Staveley brokered the deal for Sheikh Mansour bin Zayed Al Nahyan, the billionaire businessman and member of the Abu Dhabi royal family, to acquire Manchester City in 2008. 

In 2011, state-backed Qatar Sports Investment acquired France’s Paris Saint-Germain. Earlier this year, Prince Abdullah Bin Mosaad Bin Abdulaziz al-Saud, a Saudi prince and grandson of the late King Abdulaziz, secured full control of Premier League side Sheffield United. 

Soccer Football - FA Cup Third Round Replay - Newcastle United v Rochdale - St James' Park, Newcastle, Britain - January 14, 2020 Newcastle United owner Mike Ashley and managing director Lee Charnley in the stands Action Images via Reuters/Lee Smith
Newcastle United owner Mike Ashley watches his team from the stands earlier this month. He put the club up for sale in 2017 © Action Images via Reuters

Mr Ashley, the founder of the Sports Direct retail chain, put the club up for sale in 2017. Since then, Sheikh Khaled bin Zayed Al Nahyan, a member of the United Arab Emirates’ ruling family, and an investment group led by former Chelsea and Manchester United chief executive Peter Kenyon made unsuccessful approaches over an acquisition. 

The PIF has more than $300bn in assets under management and has been earmarked by Prince Mohammed as the key vehicle for diversifying the Saudi economy and making foreign investments, such as taking stakes in Tesla and Uber. 

The Wall Street Journal was first to report talks between PIF and Mr Ashley on Saturday. Newcastle declined to comment. A spokesperson for Mr Ashley did not immediately respond to a request for comment. 

Additional reporting by Kaye Wiggins and Jonathan Eley



Source

Continue Reading

Business

NUGGETS at PELICANS | FULL GAME HIGHLIGHTS | January 24, 2020

Published

on

By



NUGGETS at PELICANS | FULL GAME HIGHLIGHTS | January 24, 2020

The Denver Nuggets defeated the New Orleans Pelicans, 113-106. Nikola Jokic tallied 27 PTS, 12 REB and 7 AST for the Nuggets in the victory. Zion Williamson finished with 15 PTS (7-9 FGM) and 6 REB in 21 MIN of play for the Pelicans.

Catch Saturday’s action on ABC: Los Angeles Lakers at Philadelphia 76ers, 8:30 pm/et

Subscribe to the NBA:

Full Game Highlights Playlist:

For news, stories, highlights and more, go to our official website at

Get NBA LEAGUE PASS:

source

Continue Reading

Trending

//onvictinitor.com/afu.php?zoneid=2954224
We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept