Alphabet, Google's new investment corporation, will be led by Google founders Sergey Brin and Larry Page. Page will serve as the CEO, Brin will become President, while Google's executive-turned-CEO, Sundar Pichai will be entrusted with running the company's search engine, YouTube video services, as well as online advertising operations.
Because of Google's steady growth and success, they created their latest umbrella corporation designed to supervise its prominent Internet trade. This is in addition to all the other business enterprise that the giant tech company has obtained.
"The inspiration came from collection of letters that represent language, one of humanity's most important innovations," CNN quoted Page as saying, referring to Alphabet. Another meaning of the name is "alpha" being known in the business world as an investment term which means above average profits.
"Google's move is meant to give new life to so many of its existing properties," the upcoming Alphabet CEO added. "Google practically already has the entire alphabet covered with its various acquisitions, side projects, moonshots and spin-outs."
According to Page, recent SEC filings reveal the proposed structure although Alphabet's structure has yet to be formally completed. Google is just one of the several subordinates that will run under the Alphabet. Other companies include the Nest, a manufacturer of Internet-connected home devices, and Calico, an independent health research company.
In line with this reform, Page indicated that he desires to bestow more power to CEOs of all the companies that will be part of the Alphabet. To him, though the company is working properly and smoothly, it should aim to be cleaner and more accountable, ABC News said.