Google’s co-founders Larry Page and Sergey Brin have announced a new public holding company called “Alphabet”.
“What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead,” said CEO Larry Page in a blog post.
Sundar Pichai is step up as new CEO of Google and this new slimmed down Google will include divisions such as ads, search, apps, maps, YouTube and Android. But the newer businesses including smart home division Nest, X Lab, Life Sciences and the Calico will be operated as a separate entities under the holding company Alphabet.
The companies under Alphabet will have their own CEO’s, “Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.”
Moreover starting Q4 of the year, Google financials will be provided separately from the companies under Alphabet