Google becomes part of new company called Alphabet
The move will allow Google to focus more on its core products, namely its search engine, while Alphabet manages a variety of different businesses.
"What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. 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."
Page will be chief executive of Alphabet while his Google co-founder Sergey Brin will become president. Sundar Pichai, who is currently Google's senior vice president of Android, Chrome and Apps, will become Google's chief executive.
Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. The company's two classes of shares will continue to trade on the Nasdaq as GOOGL and GOOG ■