Google’s new parent company- Alphabet

Google announced a corporate restructuring on Monday, forming an umbrella company called Alphabet and naming a new CEO to the core business of Google.

Google co-founders Larry Page and Sergey Brin will run Alphabet — Page as CEO and Brin as president.

The company, which was founded in 1998 and went public in 2004, announced its new operating structure in a blog post on Monday called “G is for Google.”

Alphabet will operate as the parent company for a number of smaller companies, including Google, which will continue to focus on Internet products. Android, YouTube, search and ads will remain part of Google Inc.

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Other departments spinning off into their own sub-companies including research focused Life Sciences (Google contact lenses), the Google X lab (driverless cars, Google Glass, drone delivery), Calico (increasing longevity), and the company’s robotics division. Google Ventures and Google Capital will also become independent Alphabet companies.

The Alphabet companies will retain their current leadership. Nest will be led by Tony Fadell, Sidewalk Labs by Dan Doctoroff, and Calico by Arthur Levinson. YouTube CEO Susan Wojcicki will now report to Pichai.

Brin will continue to head up Google X in addition to his role as president of Alphabet. Eric Schmidt will become Alphabet’s executive chairman.

“We are not intending for this to be a big consumer brand with related products — the whole point is that Alphabet companies should have independence and develop their own brands,” said Page in the announcement.

Page said the companies would all retain a great deal of independence and be run by strong CEOs.

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