Google announced a major shakeup this week as company founders announced the creation of a new overarching firm called Alphabet Inc.to oversee and manage the Mountain View tech company’s various ventures. Companies that will move to direct control of Alphabet – essentially in equal rank to Google – will include Google Fiber, Google Capital and Google X, as well as recent acquisitions such as Nest, Calico and Life Sciences.

In a blog post Monday on the shakeup, Page said Google’s model “is to have a strong CEO who runs each business, with Sergey and me in service to them as needed”. Fellow co-founder Sergey Brin will become president of Alphabet, and Eric Schmidt will be executive chairman.

Other than the name of the new parent, and news of Pichai’s appointment as Google CEO, Page did not provide many details on any additional changes that would result from the reorganization. Their new website is abc.xyz, which seems to point to the idea that it’s an all-encompassing company that has everything you need from A to Z. Google shares will convert into Alphabet shares, though they will continue to trade on NASDAQ as GOOGL and GOOG. The site claims that Google restructuring as Alphabet will allow it to venture into such industry while assuring long-term growth. The company says that its new structure will give more independence to many of its wide – ranging and ambitious projects. Sundar Pichai on the other hand will be the CEO of Google.

Under the new setup, Google will still be the brand for search, apps, YouTube and Android.

“We liked the name Alphabet because it means a collection of letters that represents language, one of humanity’s most important innovations, and is the core of how we index with Google search!” said Page. A BMW spokeswoman said Tuesday that the automaker was not informed ahead of time of plans by Page and Brin to create a company called Alphabet and had not received any offers to buy the Internet domain or the trademark.

Many of these “moonshots” are likely to fail, according to Chiagouris, but any failure would not end up hurting the Google brand.

Brin also cited the “amazing progress” being made by new services such as Google Photos and Google Now, which compiles information such as weather and directions tailored to individual consumers’ needs.

Alphabet worldwide is the name of the business mobility and fleet management subsidiary of BMW.