New York (CNN Business) More than 20 years after launching Google out of a Menlo Park garage, Larry Page and Sergey Brin are relinquishing their executive roles at its parent company Alphabet (GOOGL).

Page and Brin are stepping down as CEO and president, respectively, of Alphabet, the company announced Tuesday. 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.

The cofounders will continue to serve on Alphabet's board of directors. They also maintain voting control over the business, all but guaranteeing their ability to influence the direction of Alphabet with or without their executive titles.

"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.