In an unexpected development at Google Inc., company's founders Larry Page and Sergei Brin announced a new parent company 'Alphabet' that will include this internet search unit as an entity.
With this new arrangement made, Larry Page will be the CEO and President of Alphabet Inc. and appointed India-born techie Sunder Pichai the new CEO of Google. Pichai is a 43 years old IIT Kharagpur techie who went to Stanford and Wharton as well.
As per the arrangement, Alphabet will most likely be the collection of the companies, with Google being the largest one. Alphabet will consist of the following entities alongside Google:
- Fiber (internet access)
- Google (Search, Maps, YouTube, Android, Ads, Apps)
- Google Ventures (VC investing)
- Google Capital (investment fund)
- Google X (auto-driving cars, Google Glass, internet by balloon, moonshots)
- Life Sciences (the glucose sensing contact lens people)
- Nest (smoke alarms, home camera, thermostats & connected home devices)
Larry Page wrote in Google blog:
“Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.
Page further added that Alphabet Inc. will replace Google Inc. as the publicly-traded entity and Google shares will automatically convert into the same number of shares of Alphabet, with all of the same rights. From now onwards, Google will become a wholly-owned subsidiary of Alphabet and Page will lead the holding.