Google announced on Monday that it would rebrand itself as Alphabet – a new holding company whose largest wholly owned subsidiary will be Google. Larry Page and Sergey Brin, Google’s co-founders, announced a radical shake-up of the company’s corporate structure and management. Sundar Pichai will control the core search engine business.
The new holding entity, Alphabet, will preside over various subsidiaries, the largest of which is Google. All shares of Google will automatically convert into corresponding shares of Alphabet, which will continue to trade under the stock ticker symbols GOOG and GOOGL.
Page will become Alphabet’s CEO, Brin will be its president, and Eric Schmidt will be the executive chairman of Alphabet. Ruth Porat will be its CFO, and David C. Drummond will be the chief legal officer and secretary. The company’s chief business officer, Omid Kordistani, will step down and become “an advisor to Alphabet and Google”, according to the company’s SEC filing. Page, Brin, Schmidt and Drummond will leave Google, whereas Porat will keep her CFO role there and Pichai will take over as CEO.
Neither Google nor Alphabet owns the domain alphabet.com — BMW does. Alphabet is part of the BMW group and a business mobility solution with a focus on fleet management and financing. BMW’s Alphabet was founded in 1997, so it’s unlikely that the company will give up its long-established domain name.
Alphabet’s new address https://abc.xyz/ also eschews convention.
And on a lighter note…
guys guys “google” is still the verb, “alphabet” is now the noun you curse for co-opting your entire livelihood
— Casey Johnston (@caseyjohnston) August 10, 2015
I can’t wait for other tech companies to create tech companies that own their tech companies. #itwillhappen
— Jessica Lessin (@Jessicalessin) August 10, 2015
I made a logo for Alphabet. pic.twitter.com/iM120DlFZK
— Andy Baio (@waxpancake) August 10, 2015
Google: “Don’t be evil” Alphabet: “Evil is just one of our businesses”
— Tim Carmody (@tcarmody) August 10, 2015
In one press release Larry Page just created a company that is so big it actually owns Google.
— issie lapowsky (@issielapowsky) August 10, 2015