Learn the New Name: Google Becomes Alphabet!
Google becomes Alphabet and will be stripped down from its smaller projects, and all will be supervised by the new parent company.
So, that was it for one of the most renowned brands in the world, as Google becomes Alphabet. It was revealed on Monday by the tech firm that they will basically rename themselves, stunning many fans of gambling apps. Alphabet will be the new parent company above Google’s separate ventures and the biggest among those will be Google itself, obviously.
Google’s co-founders, Larry Page and Sergey Brin announced the plan about reorganizing the company. It was all published in a blog post that appeared as a surprise, just after the stock markets were closed on Monday. The search engine now will be run by Sundar Pichai, who is with the company since 2004.
A more transparent company
So, as Google becomes Alphabet, the new company will oversee Google and all of its smaller subsidiaries. With the new, unconventional setup, comes a new website as well, with an address that takes us back to basics: abc.xyz. Larry Page wrote on the new site: “As Sergey [Brin, co-founder] and I wrote in the original founders letter 11 years ago, ‘Google is not a conventional company. We do not intend to become one’.” He went on, “As part of that, we also said that you could expect us to make ‘smaller bets in areas that might seem very speculative or even strange when compared to our current businesses’. From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have.”
Google was an incredible success, also extremely popular amongst investors. However Page and Brin used a lot of their money to boost even more innovative, and at the same time, much riskier projects, not just things like Android gaming. But pretty much everything from self-driving cars to revolutionary medical researches they were involved in a lot of hazardous ventures. With Google becomes Alphabet, the new company group will be more transparent, so that investors will be able to track their money more easily.
BGC Partners’ technology analyst, Colin Gillis put it this way: “It’ll give people a truer picture of the nature and specifics of Google’s core operation.” He also positively commented Pichai’s new role, as the company was able to hold on a Silicon Valley titan by his appointment. He said, “My sense is that here’s someone in high demand and in one fell swoop Google have kept him as a key manager.”
As Google becomes Alphabet, all shares will be converted
As the company will be transformed will all shares of Google becomes Alphabet shares as well. Page will continue as the Chief Executive of Alphabet with Brin becoming the new company’s President. The executive chairman of Alphabet will be Eric Schmidt, the role of CFO will go to Ruth Porat, who will hold the same position at Google as well. David C. Drummond will act as chief legal officer plus secretary. Omid Kordistani, Google’s chief business officer will resign to continue in an advisory role. Pichai will become Google’s CEO with Page, Brin, Schmidt and Drummond leaving the company.
The different projects detached from Google will become separate subsidiaries under the supervision of Alphabet. Divisions like health project Calico, as well as Google X and Wing, the drone delivery project and Nest Labs will have their own chief executives. The same goes for the broadband service, Google Fiber, as well as for investing departments Google Capital and Google Ventures.
Page said of the restructuring, “Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.” Alphabet will be registered later in 2015, and in early 2016 will Google become Alphabet eventually as the new subsidiaries will be disjointed in the company’s finances.
Many experts welcomed the change, but many customers of mobile gambling sites were skeptical about the reorganization. It won’t be easy to get used to the new name, Page admitted himself in his post at the new company’s website. Google was Google, covering everything, but now we are going back to basics. Google becomes Alphabet and Google will be the “G” in the new firm’s alphabet.