To improve the management and efficiency of the company, the CEO and co-founder of Google Inc, Larry Page, announced the creation of Alphabet, a new company that will be the parent of the technology giant.
In a letter published in the official blog of the company, Page announced that assume executive management Alphabet , while the co-founder of Google, Sergey Brin will be President of the new company.
With this new matrix, Google will seek to separate the administration of their Internet businesses as searches and advertising, those not related to the digital sphere as projects genetics, health, technological development or investment arm.
Under the new operating structure include Google search, ads, maps, apps, YouTube and Android and technical infrastructure related to its digital business. Companies like Calico, Nest, and Fiber and their arms reversed, as Google Ventures and Google capital and projects incubator, as Google X, shall be administered separately within the new holding, according to a document submitted to regulatory authorities in the United States.
"Alphabet is primarily a collection of companies. The largest of which, of course, is Google. This new Google is a bit thin, and Alphabet contain companies that are quite far from our main Internet products. What we mean by remote ? Good examples are our efforts Health: Life Sciences (working on the development of the contact lens glucose detection), and Calico (focusing on longevity), "Page wrote.
"Fundamentally, we believe that this allows us more stability of the administration, and we can handle things independently things that are not closely related," he said.
The new Google, focused solely on Internet business, will be the new executive director Sundar Pichai, senior vice president of Product current in Google.
Page said the new matrix, Alphabet, also independently manage your laboratory "X" for the development of new projects as "Wing" focused on the development of drones. It will also seek to grow its investment arm and venture capital within this new structure.
"We will ensure that we have a great CEO (chief executive) for each business, and determine their remuneration. In addition, this new structure gives plan to implement disclosure of segment information in our fourth quarter results, where financial results Google will be provided separately to the other companies of Alphabet "he said.
The letter also explained that Alphabet Inc. will replace Google Inc. as the publicly traded entity and all Google shares will be automatically converted into an equal number of shares of Alphabet Inc, although they will continue with the listing of its two classes shares on Nasdaq under ticker symbol GOOG and GOOGL.
Alphabet Inc. - Who will lead?
Larry Page, CEO of Alphabet
Sergey Brin, president of Alphabet
Eric E. Schmidt, CEO of Alphabet
Ruth Porat, senior vice president and chief financial officer (CFO) of Alphabet and Google Inc.
David C. Drummond, senior vice president of Corporate Development, General Counsel and Secretary of Alphabet
Sundar Pichai, new CEO of Google Inc.
Omid Kordestani adviser Alphabet and Google
In the day today, Google shares closed at $ 663.14 per share.
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