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| Larry Page, CEO Alphabet |
Google just shocked the world, especially the Tech industry, by giving birth to its own parent company. Larry Page, Google’s Co-founder, yesterday announced this via a post across all Google blogs.
To explain this business decision, Page said,
We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant. Our company is operating well today, but we think we can make it cleaner and more accountable.
Alphabet will consist of a number of companies, of which Google will be the largest. According to Page,
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. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
So why call the new company Alphabet?
We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search! We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products–the whole point is that Alphabet companies should have independence and develop their own brands.
Sundar Pichai, the former senior Vice President of Products at Google becomes the CEO of the new company, which as a whole will report to Alphabet, led by Larry Page as CEO and Sergey Brin as President. Check out the new company at its super-cool URL, abc.xyz (no, they didn’t use alphabet.com — clearly that would have been too mainstream).
Long Live Alphabet.
Source : UK guardian/Andriod central/Alphabet.
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