We've written several times about what a huge, sprawling company Google is, and how many projects the company has going at any given time. Now-former CEO Larry Page apparently agrees: as part of a big shake-up, Page announced today that he is now the CEO of "Alphabet," a brand-new company of which Google is just one part. Page will be CEO of Alphabet and fellow Google co-founder Sergei Brin will be helping him run Alphabet in some capacity, and Sundar Pichai is now the CEO of the subsidiary known as Google.
This is no mere rebranding. As Page writes, "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. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG." All the Alphabet subsidiaries, including Google, will be using "segment reporting" to report their financial results separately as well.
Page describes the Google part of Alphabet as a "slimmed-down" company that still encompasses most of the things we think of as Google products—things like Google Now and Google Photos were mentioned by name, and both Chrome and Android will likely continue under the Google banner. YouTube, which already operates as its own subsidiary under CEO Susan Wojcicki, will also remain under the Google banner.
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