| 1 | Google Inc. has reshuffled its corporate structure, naming a new CEO for its search business, which will be housed under a new company named Alphabet. |
| 2 | Sundar Pichai will be CEO of Google going forward, moving up from senior vice president of Android, Chrome and Apps. |
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| 5 | Alphabet will be run by Google founders Larry Page as CEO and Sergey Brin as president. |
| 6 | It will be a holding company with and several other entities under it, including its investment wings Google Ventures and Google Capital, as well as a health-focused company called Life Sciences, a company focused on longevity called Calico and X lab, which incubates new efforts like the Wing drone delivery effort. |
| 7 | Eric Schmidt will be executive chairman of Alphabet and Google's new chief financial officer, Ruth Porat, will be CFO of the new holding company. |
| 8 | Google's directors will become directors of Alphabet. |
| 9 | "For Sergey and me this is a very exciting new chapter in the life of Google - the birth of Alphabet," Page wrote in a blog post. |
| 10 | "We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search." |
| 11 | The company announced the moves after the market closed on Monday. |
| 12 | On the news, Google shares traded about 5 percent higher in after-hours trading around 2:14 p.m. Pacific time. |
| 13 | Alphabet Inc. will replace Google Inc. as the publicly traded entity for the company. |
| 14 | All shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. |
| 15 | Google will become a wholly owned subsidiary of Alphabet. |
| 16 | The two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG. |
| 17 | "Sergey and I are seriously in the business of starting new things," Page wrote in a blog announcing the moves. |
| 18 | Omid Kordestani, who just came back to Google in October as its chief business officer after a five-year absence, is leaving again to be an adviser to Alphabet, the company said in a filing with the Securities and Exchange Commission. |