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Google is changing things up, they have just posted a blog post about the reorganization that is now taking place. For starters Larry Page and Sergey Bin are now the co-presidents of Alphabet, which is now Google’s parent company. They will oversee Google as well as some other companies. The other big new is that Sundar Pichai is the new CEO of Google and is fully in charge.

The idea for this change and reorganization is to give each entity its own CEO and the attention that it deserves. For instance with Google, Sergey Bin, is at the helm and at YouTube Susan Wojcicki is the leader. So, Alphabet Inc will be a collection of companies, for instance X Labs will be under them as well.

In terms of finances, Alphabet Inc now owns Google Inc, therefore it will become 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 be a whole own subsidiary of Alphabet and they will both continue to trade on Nasdaq as GOOGL and GOOG.

Larry Page notes that you won’t see a lot of consumer ideas from Alphabet Inc directly, instead it will let the Alphabet Companies craft their own identities and be their own brands.

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