The world has relied so much on Google that the news of the powerful company transforming into a holding called Alphabet has kept everyone looking out for the next events. Google CEO Larry Page wrote an open letter in Google Blog to introduce Alphabet and clear everyone on the tech giant's directions.
Alphabet will be a collection of science and tech companies. The largest of which, of course, is Google. This rebranded Google is slim, dynamic, and focused. Non-internet ventures will be housed in Alphabet.
The new holding is expected to sort out and organize Google's bacon bringers, science experiments, and long-lasting ventures. With the Alphabet structure, Google will be able to challenge its boundaries in the online world while the rest of Alphabet engage on calculated bets on new, untested, and rebellious ideas that may dominate the world and become the future Google Maps, YouTube, Chrome, and Android.
"Google is not a conventional company. We do not intend to become one," said Page on the blog noting that the tech industry is where revolutionary ideas flourish to drive the next major leap for companies. Google needs to be a bit uncomfortable to stay relevant.
The tech giant is driven to nurture and showcase its research and advancements in health and aging through Life Science and Calico, transportation through hi-tech cars, broadband though Fiber, and many other projects.
Larry Page will be Alphabet's CEO and Sergey Brin will be the President. The two founded the company in Mountainview in 1998 with a goal of organizing the world's information. Sundar Pichai, the former Google's senior vice president of products will step up as the CEO of the new Google. Page said that he wants Sundar to focus on innovation, Reuters reported.
Alphabet Inc will replace Google as the publicly traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. In a SEC filing, Google said the new arrangement will take effect later this year and that it will likely result in two reportable, financial segments.