The tech giant that started as a search engine is officially now Alphabet. Its first act was to list with the U.S. Securities and Exchange as a publicly listed company.
Although Google become its subsidiary, Alphabet will continue to trade in the bourses using the names GOOG and GOOGL, reports TechTimes. It listed Larry Page as CEO and Sergey Brin as president, while Sundar Pichai is Google CEO.
Page, in a blog post, explains the reason behind the corporate changes. "Google is not a conventional company. We do not intend to become one. Alphabet is about businesses prospering through strong leaders and independence."
Alphabet's business model, he continues, is to have a strong CEO who runs each business. He adds, "We like 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."
Other subsidiaries of Alphabet are Google X, which focuses on self-driving cars, drone deliveries and city-wide WiFi; Google Venture; Google Capital, Google Fiber which deals with high-speed Internet; Nest which is about home automation; Sidewalk Labs; Calico which is on longevity and Google Life Sciences which is behind the development of glucose-sensing contact lens.
Search engine, Android, apps, advertising, YouTube and Maps would be the core business of Google.
With the change, Google's 'Don't Be Evil" clause found in the company's code of conduct has been dropped. In lieu, Alphabet employees are expected to do the right thing by following the law, acting honorably and treating each other well, reports Time.
Page says the new structure allows Alphabet to keep tremendous focus on extraordinary opportunities inside Google. He admits, "We're still getting used to the name too!"