Tony Fadell, CEO of Alphabet's Nest, to Step Down

TechnologyReuters

Alphabet Inc unit Nest, which makes smart thermostats, said Chief Executive Tony Fadell would step down.

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Fadell, who spent six years in charge at Nest, will remain as an adviser to Alphabet and Google co-founder Larry Page.

"Although this news may feel sudden to some, this transition has been in progress since late last year," Fadell said in a blog post on Friday. (http://bit.ly/1r5SIvV)

Search giant Google bought Nest in 2014 for $3.2 billion, aiming to lead the way on how household devices link to each other and to electricity grids.

Nest is currently a part of "Other Bets" under Alphabet's new operating structure.

The segment comprises the company's so-called "moonshots", including ambitious projects such as self-driving cars, glucose-monitoring contact lenses and internet balloons.

Marwan Fawaz, who has had prior stints at Motorola Mobility and Charter Communications Inc, will replace Fadell.

(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel)