After the bell Tuesday, it was announced that co-founders Larry Page and Sergey Brin were both stepping down from their roles at Google parent company, Alphabet.
Replacing Page in his CEO role will be Sundar Pichai, who is also the CEO of Google.
"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. Going forward, Sundar will be the CEO of both Google and Alphabet," said Page and Brin in a statement on Google's blog.
"He will be the executive responsible and accountable for leading Google, and managing Alphabet’s investment in our portfolio of Other Bets," they continued. "We are deeply committed to Google and Alphabet for the long term, and will remain actively involved as Board members, shareholders and co-founders. In addition, we plan to continue talking with Sundar regularly, especially on topics we’re passionate about!"
But, does Jim Cramer think that the era of innovation is over?
"I mean the era of confusion might be over. And you've got two healthcare groups that seem to be competing. You've got a Waymo self-driving car that seems to be stillborn," said Cramer.
"You have YouTube, which is such a great asset and it's worth [isn't] being valued. And you have Google Cloud Services now run by me and my Thomas Kurian, who is very real and is not getting anywhere near the publicity that he should. I'm hoping that they can rationalize the company and if they do that, the stock goes dramatically higher and you want to own it," he continued.