The news left people scrambling to their diaries to check it isn’t 1 April (April Fools’ Day) as Google announced it is now to be known as Alphabet.
The announcement came on Monday 10 August after the company decided it will restructure into new parent company, Alphabet – a new holding company whose largest wholly owned subsidiary will be Google.
Google co-founders Larry Page and Sergey Brin, who are reportedly worth about £19 billion each, will run Alphabet — Page as CEO and Brin as president.
Founded in a Californian garage back in 1998 before going public in 2004, the search engine got so popular that it even became a verb – ‘Oh let me just google this’ or ‘If you don’t believe me, then google it mate’.
In a surprise blog post made public after the stock markets closed, Page and Brin announced a radical shake-up of the company’s corporate structure and management, handing control of its core search engine business to rising star Sundar Pichai.
Nevertheless, we will still be able to use the search engine however, and the verb too. Under the rebranding, Google will retain its best-known businesses, such as search, apps, YouTube and Android.
“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google,” Page said in the blogpost.
“Our company is operating well today, but we think we can make it cleaner and more accountable,” he said. “The whole point is that Alphabet companies should have independence and develop their own brands.”
Senior vice president of Alphabet, Sundar Pichai, will become CEO of Google. Eric Schmidt, the current Google chairman, will be executive chairman of the holding company.