Google's co-founders Larry Page and Sergey Brin have announced a new public holding company called "Alphabet".
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."