Google is introducing a major shakeup to its corporate strategy today. The California-based company announced the formation of a new parent company called Alphabet. Both Larry Page (as the new CEO of Alphabet) and Sergey Brin (as the new President of Alphabet) will oversee Alphabet going forward.
What happens to Google? Well, it’s not really going anywhere. Google and all the services its retaining control of, are technically now owned by Alphabet and will be part of this company’s diverse aspirations to conquer the world in their own way.
Since Larry Page and Sergey Brin are no longer co-CEOs of Google, Sundar Pichai will step in and take the title of Google CEO.
“Sergey and I have been super excited about his progress and dedication to the company. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations,” said Larry Page in a statement.
The new Alphabet execs believe the new identity helps clearly distinguish the separate sectors of the company instead of it all just being lumped in as part of Google. For example, Project Calico, Fiber and Google X will all be part of Alphabet now, whereas Android, YouTube, Maps, and Search will remain under Google’s umbrella.
Why the name Alphabet? Page answers, “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.”
Google will be changing its Nasdaq name to Alphabet but will remain trading as $GOOG.