Google will become a subsidiary of a new parent company called Alphabet, under a massive restructuring arrangement designed to let the company's businesses operate more efficiently.
Under the changes, announced Monday, Google co-founder Larry Page will become CEO of Alphabet. Sundar Pichai, formerly VP at Google where he oversaw Android, Chrome and Google apps, will become CEO of Google.
Alphabet will include a group of companies, the largest of which will be Google. Other efforts will be run separately, including health efforts such as Life Sciences, which works on glucose-sensing contact lenses, and Calico, focused on longevity. Alphabet will also include Google's advanced X labs.
Alphabet will replace Google as the publicly traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, Page said in an announcement.
(More to come)