Google is dead. Long live Alphabet.
The tech company announced on Monday that it would rebrand itself as Alphabet – a new holding company whose largest wholly owned subsidiary will be Google.
In a surprise blog post made public after the stock markets closed Larry Page and Sergey Brin, Google’s co-founders, announced a radical shake-up of the company’s corporate structure and management, handing control of its core search engine business to rising star Sundar Pichai.
The new company, Alphabet, will preside over a collection of companies, the largest of which will be Google. Even the site’s new address also eschewed convention, https://abc.xyz/
“As Sergey [Brin, co-founder] and I wrote in the original founders letter 11 years ago, ‘Google is not a conventional company. We do not intend to become one’,” wrote Page.
“As part of that, we also said that you could expect us to make ‘smaller bets in areas that might seem very speculative or even strange when compared to our current businesses’. From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have.”