Google is restructuring and Sundar Pichai will become new CEO

Google co-founder Larry Page announced a massive restructuring of the company, instituting Sundar Pichai as CEO and shifting himself and co-founder Sergey Brin to a larger holding company called Alphabet. As CEO and President of Alphabet, Page and Brin will oversee Google as well as affiliated companies like the life-extension project Calico and a drone delivery venture called Wing. Alphabet will also direct Google's early-stage funding operations, dubbed Capital and Ventures. Under the new organization, each of those operations will have its own CEO and leadership, while Pichai and Google retain control of search, ads, maps, the Google Play Store, YouTube, and Android.


The reorganization also involves significant financial restructuring, as detailed in an associated SEC filing. All Google shares will now be traded as shares of the larger Alphabet holding company, news that drove the company's share price up more than four percentage points in the wake of the announcement. "We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes," Page writes in the post. "But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant."

It also means a prominent role for Sundar Pichai, the former Chrome OS and Android chief who has played an increasingly central role in Google's day-to-day operations. "It is clear to us and our board that it is time for Sundar to be CEO of Google," Page said in the post. "I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this

Source: theverge