“Google Inc. is changing its corporate structure to separate its search, YouTube and other Web companies from its research and investment divisions,” Brian Womack reports for Bloomberg.
“The shares rose as much as 5.8 percent in extended trading after the company said Alphabet Inc. will be the name of what will effectively be a new holding company,” Womack reports. “It will include Google Inc. and Google Ventures, Google Capital, Google X and other subsidiaries, the Web company said in a blog post Monday.”
“Larry Page will be Alphabet’s chief executive officer, while co-founder Sergey Brin will be president. Ruth Porat will be chief financial officer,” Womack reports. “Sundar Pichai, Page’s deputy, will be promoted to become CEO of Google Inc., which generates the bulk of Google’s $60 billion in annual revenue.”
Womack reports, “‘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!’ Page said. ‘We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for!'”
Read more in the full article here.
MacDailyNews Take: The umbrella is meant to protect Google from being impaled by things like falling Glass.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]