Emmanuel Thomas, Lagos
August 10, 2015 – World’s largest search engine, Google today announced that it is creating a new company as part of its restructuring initiative. The new company is Alphabet. Google announced this new initiative via a blog posts.
Alphabet according Google co-founder and Chief Executive, Larry Page would run along with Sergey Brin, the other co-founder of Google.
He said that Alphabet will act as a parent holding company, with several other companies operating under the structure, including Google, a company focused on health efforts called Life Sciences, and a company focused on longevity called Calico.
He explained that under the new structure, Google will be run by Sundar Pichai who is Senior Vice President in charge of Product as chief executive
“For Sergey and me this is a very exciting new chapter in the life of Google — the birth of Alphabet. 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,” he said.
He explained that the decision is driven by the desire to reinvigorate the company with an entrepreneurial culture and to give operating divisions more leeway to make their own decisions.
“We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes, But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant”, he wrote.
