Bill Maris, the founder and CEO of Google Ventures is leaving the firm, Recode's Mark Bergen reports, and current managing partner David Krane will replace him.
A source confirmed the shift to Business Insider.
Maris founded the corporate investment group in 2009 (it was rebranded as GV after the company restructured as Alphabet last year).
Since then, the company has invested in hundreds of companies, including Uber, ecommerce company Jet, which just sold to Walmart for more than $3 billion, and Nest, which Google bought in 2014. GV also has a particular focus on life science startups, like Flatiron Health, 23andMe, One Medical Group, and buzzy startup Impossible Foods, which makes plant-based versions of animal products like meat and cheese.
The firm had ~$2.4 billion in assets at the beginning of 2016 and has actually been the most active corporate VC of the last six months,according to CB Insights.
We're hearing that Maris plans to spend some time with his family and isn't heading to any other gig right away.
As for Krane, he joined Google in 2000 as its director of global communications and public affairs. After a decade at the search giant, Krane joined Google Ventures soon after its formation. He was promoted to managing partner in 2014 and one of his most famous deals was investing in Uber's Series C round.