Google today announced a new operating structure that will see it become part of a larger collection of companies known as Alphabet. This new company will see Larry Page become its CEO and Sergey Brin its President. As for Google itself, Sundar Pichai will take on the mantle of Google CEO.
For Sergey and me this is a very exciting new chapter in the life of Google—the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands.
The new Google will be a somewhat slimmed down company. Groups like Life Sciences (currently working on glucose-sensing contact lens) and Calico (focused on longevity) will become their own companies under Alphabet. Each will have its own CEO with Page and Brin to offer assistance “as needed.”
Alphabet itself will hang on to X lab which develops new projects like Wing, a drone delivery initiative, as well as Ventures and Capital, Google’s investment business. Nest will continue to operate as an independent company.
Google will make way for Alphabet on the Nasdaq stock exchange with all Google shares to automatically convert to the same number of shares of Alphabet.
And no, today is not April Fools!
Source : Google