I find this move concerning, and wish that the Founder had looked for a new CEO that shared his values rather than a Private Equity and Mergers Expert.
Furthermore, the change to the GRIT motto is worrying. Trust is useless without Transparency when it comes to code and security.
And you can use a keyfile separate from the database for even more security. If the database is backed up on Google Drive and the keyfile is saved on a USB or in a (non-Google) email somewhere for the rare times you add a new device, your passwords should be safe even from keyloggers or Google themselves.