MOSCOW (Sputnik) — The company Google Inc. decided to introduce a new operating structure and create a new public holding company named Alphabet Inc., company's current CEO Larry Page said.
"Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet,” Google Inc. co-founder Page post to the official Google blog on Monday.
Google Inc.'s shares will automatically convert into shares of new "collection of companies," whose largest company will be Google.
"Alphabet Inc. will replace Google Inc. 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. Google will become a wholly-owned subsidiary of Alphabet," Page said.
Page added that Google's current senior vice president of products, Sundar Pichai, will become its new CEO.
"This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai…And it is clear to us and our board that it is time for Sundar to be CEO of Google," Page said.
Google is an American multinational technology company specializing in Internet-related services and products, such as online advertising technologies, search, cloud computing, and software.