Google to be managed by Alphabet

Google has formed a new parent company, Alphabet, which will be operated by Co-founders Larry Page and Sergey Brin. The newly developed business model will see Alphabet managing a number of companies including Google, Life Sciences and Calico, while Google will now be headed up by new CEO Sundar Pichai – formerly the company’s Vice President of Product Management.

Alphabet’s structure will also include X Lab, a venture incubating new efforts such as Wing and a drone delivery service, and Alphabet Inc. will replace Google Inc. as the publicly-traded entity, meaning that all shares in Google will automatically convert into the same number of shares in Alphabet.