Google becomes part of a new company, Alphabet

Internet search giant, Google is now under a new parent company dubbed Alphabet which is a new technology holding headed by Google's founders, Larry Page and Sergey Brin. Larry Page moves up to be CEO of Alphabet along with Sergey Brin functioning as the President. Eric Schmidt will be the executive chairman.

Alphabet is a collection of companies with Google being the largest subsidiary. It will act as an umbrella corporation for ventures like Nest, Google X , Google Fibre and other incubator projects (wings, drones) amongst other. These will operate indiviaually and managed separately from Google. Google will still be the umbrella company for sear, ads, maps, apps, YouTube, Android and related technical infrastructure.

Under the new structure, "this newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead."

Alphabet will also replace Google as publicly-traded entity and all shares of Google will automatically convert into the same number of shares as Alphabet, with all the same rights.  Google will become a wholly-owned subsidiary of Alphabet. Google financials will be provided separately than those for the rest of Alphabet businesses as a whole.

As a part of the restructure, Sundar Pichai, the man who has been the Senior VP of products like Chrome and Android will now be the CEO of Google.

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