Google unveils restructuring under new parent company Alphabet Inc
Search engine giant Google Inc has announced formation of a new holding or parent company called Alphabet Inc to encompass its search engine unit and all other subsidiaries.
The new parent company was formed as part of Google’s new organisational structure which will help the company to keep tremendous focus on the extraordinary opportunities and products.
Now Google will be replaced by Alphabet Inc as the publicly-traded entity and all its shares will automatically converted into the of shares of new parent entity with same rights.
Under the new structural arrangement all subsidiaries of Google will be brought under the control of Alphabet Inc which will come into effect later 2015.
The new company will be led by Co-founder and current CEO of Google Larry Page while Sergey Brin, the other co-founder will serve as the President and Eric Schmidt will be executive Chairman. Google’s Chief Financial Officer (CFO) Ruth Porat will become CFO of Alphabet and current directors of the company will become directors of Alphabet Inc.
It should be noted Chennai born Sundar Pichai has been appointed of as CEO of new Google (subsidiary of Alphabet).
About Google
- Google is US based multinational technology company and search engine giant. It is specialized in Internet-related services and products.
- It was founded in September 1998 by Sergey Brin and Larry Page while they were Ph.D. students at Stanford University.
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Month: Current Affairs - August, 2015