Google announced a major shakeup to it's operating structure. Reuters reports that the company created a holding company named Alphabet "to encompass the search engine unit and other subsidiaries." Larry Page will become CEO of Alphabet while Sundar Pichai is taking over as CEO of Google. Pichai gave the keynote at Google's annual developers conference earlier this year and has been the most visible Google executive a of late.
Page said "Alphabet is mostly a collection of companies, the largest of which is, of course, Google." He also stated in his blog post that "This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google." Android, YouTube, search and ads will remain part of Google Inc.
According to CNN Money, "research focused Life Sciences (Google contact lenses), the Google X lab (driverless cars, Google Glass, drone delivery), and Calico (increasing longevity). Google Ventures and Google Capital will also become independent Alphabet companies."
The publicly traded entity will change to Alphabet, and all Google shares "will convert into the same number of shares of Alphabet, with all of the same rights." The shakeup will take effect before the end of 2015.
To read more from our staff click here
To read more from Reuters click here