Google have announced a major overhaul of its corporate structure. Yesterday the company that used to be called Google is said it will become a new holding company called Alphabet.
The URL for the new company is abc.xyz .
Shareholders will in turn get one Alphabet share for every Google share they previously owned. The present google executives made up of CEO Larry Page, President Sergey Brin, Executive Chairman Eric Schmidt, CFO Ruth Porat, and chief counsel David Drummond will take charge of Alphabet
Alphabet will be made up of the following entities:
A smaller company called Google, headed by CEO Sundar Pichai, which includes the company's core businesses: "search, ads, maps, apps, YouTube and Android and the related technical infrastructure."
Other business interests like Calico, Nest, and Fiber, as well as its investing arms, such as Google Ventures and Google Capital, and incubator projects, such as Google X," which "will be managed separately from the Google business."
Later this year, Google intends to implement a holding company reorganization (the “Alphabet Merger”), which will result in Alphabet owning all of the capital stock of Google. Alphabet will initially be a direct, wholly owned subsidiary of Google. Pursuant to the Alphabet Merger, a newly formed entity (“Merger Sub”), a direct, wholly owned subsidiary of Alphabet and an indirect, wholly owned subsidiary of Google, will merge with and into Google, with Google surviving as a direct, wholly owned subsidiary of Alphabet. Each share of each class of Google stock issued and outstanding immediately prior to the Alphabet Merger will automatically convert into an equivalent corresponding share of Alphabet stock, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as the corresponding share of Google
stock being converted.