Google announced late Monday that it is creating a new parent company called Alphabet, which will be run by its two founders, Larry Page and Sergey Brin. Alphabet will replace Google Inc. as the business traded on the stock market; Google, the service, will be the largest single entity owned by that parent company.
YES. You heard Â that right.
Google founders Larry Page and Sergey Brin will take over as the CEO of AlphabetÂ (the company’s URL will appropriately be ABC.xyz).Â and president, respectively, while Indian born Sundar Pichai will run Google as its new CEO.
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“Our company is operating well today, but we think we can make it cleaner and more accountable,” Page wrote in an announcement on Monday titled “G is for Google.”
“So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.”