In a surprise move Google Inc on Monday announced that it is creating a new company ‘Alphabet’ to oversee its Internet business and other ventures.
Google CEO and co-founder Larry Page said that he’ll be CEO of the new holding company, while longtime Google executive Sundar Pichai will become CEO of Google’s core business, including its search engine, online advertising operation and YouTube video service.
Google will be housed under Alphabet which will act as the parent company that operates smaller firms under its ambit. Each of those will have a separate CEO. Alphabet will include X-Labs, which incubates new efforts like Wing, the drone delivery project, and the life sciences initiative among a clutch of highly innovative themes.
Investors cheered the news as it could give a better view of what goes on at the company. The surprise news sent shares of Google up as much as 7 per cent to $708 in after hours trading on Tuesday. The new structure could also give Wall Street better insight into Google’s investment in moonshot projects like Google X, a secretive lab that produced the unpopular Google Glass wearable device.
We list out projects that come under Google and Alphabet after the restructuring announcement:
What is with Google
What is with Alphabet
Calico (Life-extension biotech research)
Nest (maker of Nest thermostat and other smart home products)
Fiber ( high speed internet service)
Ventures and Capital (early and growth stage investing)
X Labs (research incubator that includes projects such as self-driving cars and delivery drones)