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“Our company is operating well today, but we think we can make it cleaner and more accountable”, said a statement from Page, who co-founded the tech giant with Sergey Brin 17 years ago.

Google’s reshaping under newly formed parent Alphabet gives the tech giant more ability to focus on its core business, while offering startup-like flexibility to long shot, trailblazing projects.

Mr Page will become chief executive of Alphabet, with senior vice president Sundar Pichai becoming CEO of Google.