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As part of a company restructure, Google becomes a wholly-owned subsidiary of Alphabet. As Larry Page becomes the CEO and Sergey Brin the President of the new Alphabet, Sundar Pichai takes the chair as the new CEO of the slimmed-down Google.

But, what is Alphabet? The new Alphabet means independence for all of the companies we’ve come to known under the Google umbrella. “Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well. We’ll also make sure we have a great CEO for each business, and we’ll determine their compensation,” says Page on the post.

The new Google will keep working on YouTube, Gmail, Google Photos, Google Now, Android, and other internet-related services, while other divisions will work independently such as Calico (life-extension), Wing (drone delivery), Nest, Fiber, and so on.

On the financial side, all Google shares will now be traded under the name 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!”

Finally, the young Google evolves into Alphabet.

[Sources]: Google IR: Google Announces Plans for New Operating Structure; Alphabet.

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