MOUNTAIN VIEW, Calif., Aug. 10 (UPI) -- Google Inc. announced a restructuring Monday in which the company's web-based products will be separated from its health research and investment divisions, all of which will fall under a new holding company called Alphabet.
The Google search engine, YouTube, Google Maps and Chrome will continue operating under the Google name, but non-Internet divisions will run independently, all under Alphabet.
"This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead," Google co-founder Larry Page said. "What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related."
The reorganization will move Sundar Pichai up to CEO of Google and Ruth Porat will act as chief financial officer.
"For Sergey and me this is a very exciting new chapter in the life of Google -- the birth of Alphabet," Page wrote. "We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search!
"I should add that we are not intending for this to be a big consumer brand with related products--the whole point is that Alphabet companies should have independence and develop their own brands."