Major changes are afoot in Google. In fact, the holding company Google is no more. Co-founder Larry Page announced in a post today the creation of a holding venture called Alphabet, where Google will be just one of the companies under it. Page will serve as CEO, while co-founder Sergey Brin will serve as President. Because of this, Sundar Pinchai will now become CEO of Google, as Page enthuses he has been doing such a great job managing the product and engineering side of business.

What this basically means is that the companies that have been under Google but not necessarily have anything to do with its original mission statement which is to “organize the world’s information and make it universally accessible and useful.” So these products formerly connected to Google will now be transferred to Alphabet, where they can thrive more under a holding company. Two examples that they gave were Life Science, which is now developing a contact lens, and Calico, which is a product focused on longevity.

The “slightly slimmed down” Google will now be headed by Sundar Pinchai. They say slimmed down since part of Alphabet’s function also is to free up Google to do what it does best: leverage technology and technology products to make sense of this world. They will still function as before, but now acting as a wholly-owned subsidiary of Alphabet. Page says that this will allow Google to become even better as they now have better focus.

The new holding company, which replaces Google, Inc., will also have X Lab, formerly know as Google X, as well as Ventures and Capital (which also formerly have Google before their names). Page is excited about getting the more ambitious things done under Alphabet, with each holding company under it having a very capable CEO running it. They will also be “empowering entrepreneurs and companies”, as well as investing in opportunities they see has potential.

SOURCE: Google