Google Founder and former CEO Larry Page just dropped a major announcement which that Google the multi-venturous company will now be called Alphabet. (abc.xyz) as an umbrella company for Google and its Google-owned sub companies. Larry Page and Sergey, the founders of Google also announced Sundar Pichai as the CEO of Google.

Alphabet will be the parent company of the ‘new Google’ together with other businesses that previously operated under Google will have their own CEO with Google having Sundar Puchai and Alphabet will have Larry and Sergey at the top still managing the resource allocation and compensations for the various CEOs.

Some of the divisions that will be separated from the old Google include X labs, Google Ventures, YouTube and Google Life Sciences. The new Google will maintain what we have known to be Google’s core businesses such as Search, Android, ads etc.

Alphabet’s stock will still be traded on Nasdaq under the GOOG and GOOGL symbols and Google’s stock will be transformed one-to-one into shares of Alphabet. And Google will report quarterly results separately from other Alphabet companies.

All this comes after an open letter penned by Larry Page which states that “Google is not a conventional company. We do not intend to become one.” As part of that, we also said that you could expect us to make “smaller bets in areas that might seem very speculative or even strange when compared to our current businesses.”

You can read the rest of the letter on the Alphabet website.