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Google Inc. on Monday said it will create a new company called Alphabet, which will be the parent of Google, with Sundar Pichai becoming CEO of Google and Larry Page running the new company.
Shares of Google increased about 4% in recent after-hours trading.
According to a regulatory filing with a letter from Chief Executive Larry Page, Alphabet will be “a collection of companies,” the largest of which will be Google. Mr. Page will be Alphabet’s chief executive, with Google co-founder Sergey Brin as president and Eric Schmidt as executive chairman.
Mr. Pichai, who previously was in charge of product and engineering for Google’s Internet businesses, will now become chief executive of Google.
“It is clear to us and our board that it is time for Sundar to be CEO of Google,” Mr. Page said in the letter, noting that Mr. Pichai “has really stepped up since October of last year, when he took on product and engineering responsibility for our Internet businesses.”
Google Inc. on Monday said it will create a new company called Alphabet, which will be the parent of Google, with Sundar Pichai becoming CEO of Google and Larry Pagerunning the new company.
Shares of Google increased about 4% in recent after-hours trading.
According to a regulatory filing with a letter from Chief Executive Larry Page, Alphabet will be “a collection of companies,” the largest of which will be Google. Mr. Page will be Alphabet’s chief executive, with Google co-founder Sergey Brin as president and Eric Schmidt as executive chairman.
Mr. Pichai, who previously was in charge of product and engineering for Google’s Internet businesses, will now become chief executive of Google.
“It is clear to us and our board that it is time for Sundar to be CEO of Google,” Mr. Page said in the letter, noting that Mr. Pichai “has really stepped up since October of last year, when he took on product and engineering responsibility for our Internet businesses.”