Google announced Monday restructuring its operations by creating a publicly traded parent company known as Alphabet Inc.
"Our company is operating well today," Google co-founder Larry Page wrote in a letter included in a regulatory filing, "but we think we can make it cleaner and more accountable."
Alphabet, designed to house all of Google's businesses, will be run by Page and Sergey Brin, another co-founder. As Alphabet's largest subsidiary, Google will be run by new Chief Executive Officer Sundar Pichai.
While excluding operations that are not part of its core Internet business, such as high-speed fiber optic project Fiber, Google will keep operations that make it an information technology giant, such as search advertising, Android and apps, and YouTube.
Page, as CEO of the parent company, explained that " fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related."
Within Alphabet, Brin will be president and Eric Schmidt will be executive chairman.
