Moving from his post as CEO of Google to serve as the new CEO of Alphabet, Page will help run the tech giant’s parent company alongside his business partner and Google co-founder, Sergey Brin, who will serve as president.
Page says that Alphabet will house several companies, with Google being the largest. Two of those several companies will include Life Sciences, a company that works on the glucose-sensing contact lens, and Calico, a company focused on longevity. Google’s former senior vice president of products, Sundar Pichai, will now serve as CEO.
“For Sergey and me this is a very exciting new chapter in the life of Google–the birth of Alphabet,” said Page, who also added that the companies reorganization will allow him to have better management scale of the company’s several entities. “We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search!”
When it comes to the stock market, Page writes that “Alphabet, Inc. will replace Google, Inc. as the publicly-traded entity and all of Google shares will automatically convert into the same number of shares of Alphabet, with all of the same rights.” The company will continue to be a part of the Nasdaq trade under GOOGL and GOOG.
While Page didn’t go into too many details about the company’s reorganization, he made it clear that the purpose of Alphabet is to allow each of the subsidiary companies to operate independently and develop their own brands. He added that Alphabet will also include an X lab, which incubates a drone delivery effort called Wing.