Larry Page, former CEO of Google, wrote an open letter on the Official Google Blog, in which he explained the new parent company ‘Alphabet’ he will lead as CEO from now on. His old position falls to Sundar Pichai. President of Alphabet will be Sergey Brin, who was a co-founder of Google eleven years ago.
But what exactly is Alphabet supposed to be? As Page describes it on his blog himself, it is ‘a collection of companies’, the biggest of them being Google. The goal is to create a clearer structure, in regard of the many smaller Google companies that actually have nothing to do with the internet. Alphabet is supposed to have ‘a strong CEO’ for each minor company, while Brin and Page being ‘in service to them as needed’. As an example, Pages names their efforts in the health-care sector, e.g. Life Sciences that are working on glucose-sensing contact lenses.
Furthermore, Page explains that all google stocks will be converted to Alphabet stocks at a ratio of 1:1. The new web adress will be abc.xyz, not alphabet.com, as one could expect, since this domain is already in possession by the german carmaker ‘BMW’.
Source: Official Google Blog