In a surprise announcement, the chief executive “Alphabet”, Larry Page, said this will be the “umbrella company for search technology arm” X Lab ‘, “Google Ventures investment unit and operations health and science, as well as Google search unit, whose CEO is the current vice president Sundar Pichai.
“We are creating a new company called” Alphabet “. I’m thrilled to have been appointed to CEO of this company, which will operate with the help of my partner Sergey, as president, “said Larry Page, explaining that the structure is” mainly a set of several companies “, of which the largest is the Google.
Alphabet Inc. will replace Google Inc. as a public company, and all Google’s shares will automatically be converted into shares of “Alphabet”, with the same rights, said Larry Page, explaining that Google will become a wholly owned subsidiary of the company “Alphabet”.
The restructuring came at the time that those responsible are concerned that Google domain has reached the peak and is undergoing a devaluation by users due to the inadequacy of the search engine with the changing needs of its users.
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