Google is not only restructuring, but it is also creating a new parent company called Alphabet Inc.!
With these changes, Google will continue to have its best-known businesses like YouTube and Android, but new entities like the “smart-home” unit Nest will function under Alphabet.
Google founder Larry Page said it would create a simpler structure for the company’s diverse group of businesses.
“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google,” he said in a blog post.
“Our company is operating well today, but we think we can make it cleaner and more accountable,” he said. “The whole point is that Alphabet companies should have independence and develop their own brands.”
Page will become chief executive of Alphabet, with senior vice president Sundar Pichai becoming CEO of Google.
As for Google co-founder, Sergey Brin, these changes will make him become president of Alphabet, and Eric Schmidt, the current Google chairman, will be executive chairman of the holding company.