Google is announcing a structure change, creating a new company called Alphabet.
Alphabet CEO Larry Page made the announcement in a Monday afternoon blog post, saying he will lead this new conglomerate, along with Sergey Brin, who will be the company's president. Page says Alphabet will mostly be a collection of companies, and Google will be under this umbrella structure.
"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," explains Page, "Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related."
Google will become a wholly-owned subsidiary of Alphabet, but will continue to trade on Nasdaq as GOOGLE and GOOG. Page jokes about the name change, but says he is ready to begin company operations under the new title.
"What could be better? No wonder we are excited to get to work with everyone in the Alphabet family," Page says, "Don't worry, we're still getting used to the name too!"
Alphabet is planning to open a Google data center in Jackson County.
