Google now Alphabet after enormous corporate restructure
GOOGLE has unveiled a new corporate structure, creating a parent company dubbed Alphabet led by chief executive Larry Page, with the Internet search unit as one of several entities.
In a surprise announcement, Page said Alphabet will be the umbrella company for the tech giant's research arm X Lab, investment unit Google Ventures and health and science operations, as well as the search unit Google, whose CEO will be current vice-president Sundar Pichai. "Our company is operating well today, but we think we can make it cleaner and more accountable," said a statement from Page, a co-founder of the tech giant with Sergey Brin.
Today's news brought to you by the letter G: http://t.co/3sv9rZ9Ui6— Google (@google) August 10, 2015
"So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as president." Page said Alphabet is "mostly a collection of companies", the largest of which is Google. Under the new structure, "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".
Alphabet will be comprised of the current efforts in life sciences such as glucose-sensing contact lens and the health research firm Calico, Page said.
Page's parent company will also include the drone delivery project Wing and investment arms of the California technology giant. "Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related," he said. "Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed."
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