Chennai, India born, IIT Kharagpur-educated Sundar Pichai became the new CEO of Google as the 16-year-old company’s co-founder, Larry Page announced the creation of a new parent company, called Alphabet. Sundar will now head as CEO of the core business of Google as the search giant in a major corporate restructuring formed Alphabet as an umbrella company of Google.
Alphabet Inc. will replace Google Inc. 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. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
Google’s co-founder Larry Page will serve as CEO of Alphabet while co-founder Sergey Bin will serve as President of newly formed parent company.
On new major restructuring of Google, Larry in a official blog post said – “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.”
“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. I have been spending quite,” he added.
Pichai who holds an MS from Stanford University and an MBA from the Wharton School of the University of Pennsylvania was most recently serving as the senior vice president of Google products.
Pichai joined Google in 2004, where he led the product management and innovation efforts for a suite of Google’s client software products, including Google Chrome and Chrome OS, as well as being largely responsible for Google Drive.
He was rumored to be one of the contenders for the CEO position of Microsoft in 2014.
Pichai has now became the second person of Indian origin to head a major IT company after Hyderabad born Satya Nadella who became CEO of software giant Microsoft in February 2014