Co-founders Larry Page and Sergey Brin will move to the company and Google itself under the control of Sundar Pichai as the new CEO of Google will be “slimmed down”.
Page quotes the original founders’ letter that was written 11 years go. It states that “Google is not a conventional company”.
Writing in his bog, Page said that Alphabet will be Google’s new face and said it was more than just a rebranding, it was a complete shakeup.
Alphabet has Page as CEO, assisted by Sergey Brin in the role of president. Putting Pichai at the head of Google is part of improving the focus of the company.
Page said: “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. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.”
He does go on a bit, that Page.
He said that existing Google shares would be converted into Alphabet shares as Google becomes a wholly-own subsidiary of the new company. Two classes of shares will trade on Nasdaq as GOOGL and GOOG.
Page admitted that he was still getting used to the name, but then alphabets are a bit of a soup.