Google restructures creating new parent company Alphabet to hold all of its assets

Google has announced a corporate restructure overnight creating a new holding company Alphabet to manage its many businesses, the largest of which will be Google.

In a blog post the company announced the major changes which sees head of product Sundar Pichai become CEO of Google’s core search engine business, while co-founders of the search giant Larry Page and Sergey Brin will step up to be CEO and president of Alphabet, respectively.

“As Sergey (Brin) and I wrote in the original founders letter 11 years ago, ‘Google is not a conventional company. We do not intend to become one’,” writes Page in the blog post.