SAN FRANCISCO, CA – Google announced a corporate restructuring on Monday, forming an umbrella company called Alphabet and naming a new CEO to the core business of Google.
Google co-founders Larry Page and Sergey Brin will run Alphabet — Page as CEO and Brin as president.
The company, which was founded in 1998 and went public in 2004, announced its new operating structure in a blog post on Monday called “G is for Google.”
They also said that Sundar Pichai is taking over as CEO of Google.
Pichai has worked at Google since 2004, most recently as product chief. Pichai has also been the most visible Google executive of late, giving the keynote at Google’s annual developers conference earlier this year.
Alphabet will operate as the parent company for a number of smaller companies, including Google, which will continue to focus on Internet products. YouTube will remain part of Google.
Other departments spinning off into their own sub-companies including research heavy Life Sciences (Google contact lenses), the Google X lab (driverless cars), Calico (increasing longevity), Wing (drone delivery). Google Ventures and Google Capital will also become independent Alphabet companies.
“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,” said Page in the announcement.
Page said the companies would all retain a great deal of independence and be run by strong CEOs.
There’s already a new Alphabet website, abc.xyz, which includes a hidden link to the fictional Hooli.xyz website from the HBO comedy Silicon Valley.
Alphabet will continue to trade under the GOOGL and GOOG ticker symbols when the change kicks in later this year.
Interestingly enough, the man who now owns the Twitter handle @Alphabet is from Cleveland. Here’s a look at his Twitter feed when he first realized he might be in a good position to sell his Twitter handle.
Well, that was an interesting way to end a Monday…
— ᴛʜᴇʏ ᴄᴀʟʟ ᴍᴇ ᴄʜʀɪs (@alphabet) August 10, 2015