Google is now owned by a newly-created company called Alphabet, gets a new CEO

Google's co-founders have announced the creation of a new public holding company called Alphabet that will include all of Google's current products. The move is aimed at making Google's operating structure cleaner and more accountable.

"What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead," said CEO Larry Page in a blog post.

The new slimmer Google includes divisions such as search, ads, maps, apps, YouTube, and Android. While newer businesses such smart home division Nest, commercial fiber division - Google Fiber, investing arms Google Ventures and Google Capital, Life Sciences and Calico, X Lab, and others will be managed as separate entities under Alphabet.

Each company under Alphabet will have its own CEO. For example, former Chrome and Android head Sundar Pichai has been appointed as Google's new CEO. On the other hand, Alphabet will have Larry Page as CEO and Sergey Brin as President.

Alphabet will also replace Google as the publicly-traded entity. All shares of the latter will automatically be converted into the same number of shares of the newly-created company. "Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG."

Starting Q4 this year, Google financials will be provided separately from the companies under Alphabet.

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