Breaking! Google CEO Larry Page has announced Google is to be absorbed into Alphabet a new overarching corporation designed to provide both the structure and the freedom of spirit needed to a culture of adventure and innovation. Page provided details in the Official Google Blog of how the new slimmed down Google will take its place beside sibling companies. He becomes CEO of Alphabet with Sergey Brin as President and Eric Schmidt as Executive Chairman. Sundar Pichai, Google Product Chief, has been promoted to CEO of Google.
Google shares will convert to the same number of shares in Alphabet automatically and will continue to trade on Nasdaq as GOOGL and GOOG. The market has responded positively with shares up 5% in first trading after the announcement.