Google introduces major corporate overhaul & a new CEO
Alphabet Inc will replace Google as a publicly traded entity, to leverage some existing products.
Page announced the revamp on Monday, in a blogged statement.
Alphabet will replace Google as a publicly traded entity. The company will be used to leverage some of Google's already existing products and unrelated business interests.
Page has described the latest innovation as a 'slightly slimmed down Google.'
"Alphabet is mostly a collection of companies. The largest of which, of course, is Google, with the companies that are pretty far afield of our main internet products contained in Alphabet instead."
In his decision to appoint Pichai as his successor, Page said it was an obvious choice for both him and co- founder, Sergey Brin.
"Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google."
The technology company's shares will automatically convert into the same number of shares of Alphabet, with all of the same rights.