In a
blog post, former Google CEO and Co-Founder Larry Page announced that the company is introducing a new structure in which
“Alphabet” will become Google’s new parent company. Page is now CEO of “
Alphabet,” which also oversees Life Sciences and Calico. Additionally, Sergey Brin, Page’s co-founder of Google, will take on the role of president for Alphabet, while Eric Schmidt will become its executive chairman. Meanwhile, Sundar Pichai, former senior vice president of products, will be promoted to the role of CEO for Google. According to Larry Page, “[Pichai] has really stepped up since October of last year, when he took on product and engineering responsibility for our Internet businesses. Sergey and I have been super excited about his progress and dedication to the company.”
While Google is folding into Alphabet Inc., it will retain all of its functions including Search, Maps, Android, YouTube and ad businesses. However, investors should know that Alphabet Inc. will replace Google on the stock market, and according to Page, “all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights.” The ultimate aim of this restructure is to allow the company to refocus on Google’s plenitude of opportunities, improving transparency and oversight, and taking a longer-term view to be more ambitious. Read the entire blog post
here.
