Easy as ABC: Google gets new CEO with formation of Alphabet parent company

A major restructuring at internet search giant Google will see the birth of a new parent company, dubbed Alphabet, described as a “collection of companies” including Google, Life Sciences and Calico, and a reshuffling of the company’s top executives.

“We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s important innovations, and is the core of how we index with Google search.” Page will become the CEO of Alphabet and Google’s co-founder Sergey Brin will become Alphabet’s president. Eric Schmidt will be the executive chairman at Alphabet, and Sundar Pichai is taking over as Google’s CEO.

“Our company is operating well today, but we think we can make it cleaner and more accountable,” said a statement from Page, who co-founded the tech giant 17 years ago with Brin.

Alphabet will replace Google as the publicly traded company on the stock market, with all Google shares becoming Alphabet shares, and Google becoming a wholly-owned subsidiary of Alphabet.

INC News, 11/08/2015 - via RT