Internet giant Google is now owned by a new parent company called Alphabet. Alphabet is a collection of companies. Alphabet works under the leadership of its CEO Larry Page. However, Google will continue to work under its current CEO Sundar Pichai.
Google had already announced about the merging to the new parent company in August, but it took some time to officially merge to the Alphabet. According to a new filing with the Securities and Exchange Commission, Google has implemented the 'Alphabet Merger' which means that Google stock has been converted into Alphabet stock. But the stock ticker symbol remains the same. When the market opens on Monday morning, it is expected to begin the trading of Alphabet stock.
Alphabet CEO Larry Page said in an official post, "This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai. Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I’ve been tremendously enjoying our work together. He has really stepped up since October of last year, when he took on product and engineering responsibility for our internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations."