India-Born Sundar Pichai Named Google's New CEO of the Re-Structured Google Monday Aug 10,2015

Google Announces 'Alphabet,' Its New Parent Company

Google, is reorganizing under a new moniker — 'Alphabet' — in a move underscoring its founders' ambitions to pursue ventures far beyond the company's Internet search core, from self-driving cars to cutting-edge medical research.

It will still use the Google name for its popular Internet search engine, mapping service and related products.

But CEO and co-founder Larry Page said Monday Aug 10,2015 the creation of the new holding company called Alphabet will provide more independence for divisions like Nest, which makes Internet-connected home appliances, and Calico, which is researching ways to prolong human life.

The reorganization also cements the rise of longtime Google executive Sundar Pitchai, who will become CEO for the core Google business.

Larry Page will be CEO of the new holding company, with his co-founder Sergey Brin serving as president.

 Google's executive chairman, Eric Schmidt, will have the same title at Alphabet.

Google said its chief financial officer, Ruth Porat, will hold the same title for both Google and Alphabet.

Sundar Pitchai(43) joined Google in 2004 and was named overall chief of Google products last fall, is viewed by many as a potential successor to Larry Page.

Chennai-born Pichai is an IIT Kharagpur alumnus and has attained his degrees as Master of Science from Stanford University and Master of Business Administration from the Wharton School of the University of Pennsylvania.
Before joining Google,Sundar Pichai worked as an engineer at manufacturer Applied Materials, followed by a stint in management consulting at McKinsey & Company

Businesses that will operate separately under the Alphabet umbrella include -

• Calico, which Google established to conduct health research in 2013
• Nest, which Google acquired in 2014
• Fiber, which is building high-speed broadband networks in several cities
• Google X , the research lab responsible for Google's self-driving car venture and previously developed its controversial Internet headset, known as Glass.

Alphabet will also oversee Google Ventures and Google Capital, two corporate investment entities that focus on early- and growth-stage startups.

Google's YouTube video division, however, will remain part of the core business under Pichai, although Page made a point of praising its chief, longtime ad executive Susan Wojcicki. Google historically has not reported earnings separately for the YouTube business

Once the reorganization is complete, the company says its two existing classes of publicly traded stock will continue to trade on the Nasdaq exchange under the ticker symbols "GOOG" and "GOOGL."

Why did Google choose the name Alphabet?

In a post on the official Google blog, the Google co-founder and the new Alphabet CEO Larry Page, says that they liked the name because "it means a collection of letters that represent language, one of humanity's most important innovations," and also because it is how "we index with Google search!"
But that's not all. "We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for!," adds Page.