The technology giant co-founder Larry Page announced the formation of a new new parent company ‘Alphabet’, of which Google will be a part. Prime Minister Narendra Modi extended best wishes to Chennai-born Sundar Pichai on becoming the new CEO of Google’s new umbrella firm ‘Alphabet’.
“Congratulations @sundarpichai. My best wishes for the new role at @google,” he tweeted.
Congratulations @sundarpichai. My best wishes for the new role at @google.
— Narendra Modi (@narendramodi) August 11, 2015
Alphabet will house the main Google businesses such as Search, Maps and YouTube, along with separately-managed firms such as Fiber and Nest, as well as investment arms Google Ventures and Capital.
Alphabet Inc will replace Google as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights.