Larry Page

Larry Page speaks during the Fortune Global Forum at the Legion Of Honor on November 2, 2015, in San Francisco.

(CNN) -- Larry Page, the cofounder of Google, is stepping down as CEO of its parent company Alphabet. Sundar Pichai, the current CEO of Google and a longtime executive at the company, will take over as CEO of Alphabet in addition to his current role, Alphabet announced Tuesday afternoon.

Page and cofounder Sergey Brin will continue to serve on Alphabet's board of directors.

"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," they wrote in a letter.

The executive shuffle comes at a time when Google is facing mounting scrutiny. Regulators and politicians in the US and Europe have questioned the company's size, data privacy practices and potential impact on society. Page, once the face of the company, has largely receded from public view.

In 2015, Google announced a corporate restructuring and formed a parent company called Alphabet. It also named Pichai the CEO of Google.

Brin and Page said they will remain "actively involved" as board members, shareholders and cofounders. They also said they plan to continue speaking with Pichai "regularly."

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