Google has officially slimmed down and become part of a holding company called Alphabet.
The world’s biggest Internet search company announced in August its intent to create Alphabet so that Google could focus on being an Internet company, unencumbered by the myriad other things it does, which will now be done under the auspices of Alphabet.
Google said Friday that the plan has come to fruition, though not much changes as far as trading the stock is concerned, as Alphabet remains on Nasdaq under the symbol “GOOG” and investors got a share of Alphabet for every share of Google they held.
Google co-founders Larry Page and Sergey Brin are CEO and president of Alphabet, respectively, while product chief Sundar Pichai has been elevated to CEO of Google.
Some of the other entities within Alphabet and no longer directly controlled by Google include Life Sciences, which is working on glucose-sensing contact lenses, and Calico, which is focused on extending human life. Another example of an Alphabet-held company is the X lab, which is incubating Wing, a delivery-by-drone initiative.
Each separate business within Alphabet will have its own CEO and, going forward, Google financials will be provided separate from the rest of Alphabet.
Google, meanwhile, still has plenty of assets under its own purview, like YouTube, Google Photos, Google Maps, Chrome and Android.
Page said that he and Brin chose “Alphabet” as the name of their new holding company because “it means a collection of letters that represent language, one of humanity’s most important innovations.”
Google made the disclosure that it has completed its restructuring Friday during midday trading on Wall Street, and the stock rose 3 percent to $626.91.