For the last decade, Google has been synonymous with the Internet. So when the company revealed its plan to rebrand itself as Alphabet, people were surprised to say the least. The announcement was made by Larry Page and Sergey Brin in an unexpected blog post after the stock market had closed.
This certainly does not mean that Google won't exist. The company will continue its operations as the world’s largest and most favorite search engine, but will now fall under Alphabet’s umbrella. By utilizing Alphabet as a holding firm, Google can dabble into innovative technology, medicine and other areas with more transparency for the investors. Diversifying its investments and assets has attracted pressure on the search engine in the last few years and Alphabet is a great way of relieving that. The process will simply allow Alphabet (previously Google) to more freely explore and invest in different areas and have investors keep better track of how their money is spent.
Google’s successful broadband venture, Google Fiber, along with other such projects will become independent entities under Alphabet’s canopy.
The names and faces involved are largely the same, though executive titles are changing. Page will become Alphabet’s CEO, with Brin as the Alphabet president and Eric Schmidt as its executive chairman. Google’s chief business officer, Omid Kordestani, is leaving his post, but will remain an advisor to Alphabet and Google. Our beloved search engine will be headed by the very capable Sunder Pichai as CEO and Ruth Porat as CFO.
Alphabet is expected to be registered by the end of 2015 but the segmentation of finances won't be done until next year.
In true Google fashion, there was an Easter egg to the blog post. The post had an embedded link for Hooli, HBO’s Silicon Valley’s fictional version of Google. As Hooli describes itself: “HooliXYZ is Hooli’s experimental division. The dream kitchen. The moonshot factory. The laboratory of possibility. The midwife of magic. The womb of wonders.”
Google’s new identity seems promising, especially for one Chris Andrikanich. Andrikanich’s difficult last name earned him the nickname Alphabet in college, which he later made his Twitter handle. There’s no telling how much Alphabet might be willing to pay to attain this Twitter handle.
The biggest question is: Will the motto “Don’t be Evil” prevail across Alphabet, or is it limited to Google?