Google has announced to restructure its operations by creating a publicly traded parent company called Alphabet Inc.
Under the rebranding, Google will keep operations that make it an information technology giant, such as search advertising, Android and apps, and YouTube.
Google co-founder Larry Page wrote in a letter included in a regulatory filing quote, “Our company is operating well today, but we think we can make it cleaner and more accountable. The whole point is that Alphabet companies should have independence and develop their own brands.”
Alphabet, designed to house all of Google’s businesses, will be run by Page and Sergey Brin, another co-founder. As Alphabet’s largest subsidiary, Google will be run by new Chief Executive Officer Sundar Pichai.
Within Alphabet, Brin will be president and Eric Schmidt will be executive chairman.