The market responded positively in after-hours trading to the announcement that Sundar Pichai will take over as CEO of Alphabet in addition to his current role as head of the core Google unit.
The state of play: Pichai will replace Larry Page, who, along with Google co-founder Sergey Brin, will remain "actively involved as shareholders and co-founders."
- The stock rose by nearly 1% following the announcement, showing investors' confidence in the move.
- Google shares have underperformed the overall Nasdaq index, year to date.
Between the lines: Page and Brin, who started Google in 1998, have been increasingly invisible in recent years, not even appearing at key Google events.
Go deeper: At Google, twilight of the founders