Google co-founder Larry Page announced in a Monday blog post that he and co-founder Sergey Brin are starting a company called Alphabet, of which Google will be a subsidiary.
“Our company is operating well today, but we think we can make it cleaner and more accountable,” Page wrote. “So we are creating a new company, called Alphabet (http://abc.xyz). I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.”
Page goes on to explain that Alphabet will serve as an umbrella company that will encompass a “slimmed down” Google, along with some “far afield” projects that formerly resided within Google. Those include endeavors to develop a new type of contact lens, increase longevity and work with drones.
As Page and Brin take over Alphabet, Google will have a new CEO, Sundar Pichai, the post states.
Page also explained the name: