Google introduces parent company Alphabet and new CEO

Google posts blog spelling out its new company and restructure

Google has announced on its blog the creation of new parent company Alphabet along with the appointment of a new CEO.

The blog post describes Alphabet as a collection of companies, consisting of brands that it says are "pretty far afield" of its main products such as Chrome, YouTube and Android.

These far-afield companies include Google’s health arm, Life Science – which is developing glucose-sensing contact lenses – and Calico – which focuses on longevity and well-being.

Alphabet allows the company’s CEO Larry Page and president Sergey Brin to introduce a new CEO for each company, such as Google’s new boss Sundar Pichai.

Page said on the blog: "Sergey and I have been super excited about his [Sundar] progress and dedication to the company. It is clear to us and our board that it is time for Sundar to be CEO of Google."I feel very fortunate to have someone as talented as he is to run the slightly slimmed-down Google and this frees up time for me to continue to scale our aspirations."He also states that Alphabet Inc will replace Google Inc as the public-traded entity with all Google shares being automatically transferred, but will continue to trade on Nasdaq as GOOGL and GOOG.Page concluded by saying that Alphabet is looking to empower entrepreneurs and companies to flourish, investing in future ventures, taking the long-term view and strengthening Google’s services."What could be better? No wonder we are excited to get to work with everyone in the Alphabet family. Don't worry, we're still getting used to the name too," he said.