| 1 | SAN FRANCISCO - Google Inc. announced a new operating structure Monday, creating a holding company called Alphabet to encompass the search engine unit and other subsidiaries. |
| 2 | Alphabet Inc. will replace Google as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. |
| 3 | "This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google," Larry Page said in a blog post. |
| 4 | The unusual structure, announced after the close of stock market trading, leaves Page in charge of the company as CEO. |
| 5 | Fellow co-founder Sergey Brin will become president of Alphabet, and Eric Schmidt will be executive chairman. |
| 6 | Sundar Pichai will be the CEO of Google Inc, while current Google Chief Financial Officer Ruth Porat will become CFO of Alphabet. |
| 7 | Google's current directors will become directors of Alphabet. |
| 8 | Page said "Alphabet is mostly a collection of companies, the largest of which is, of course, Google." |
| 9 | The company said the new arrangement will take effect "later this year." |