Mr Page’s fellow Google co-founder Sergey Brin will become president of Alphabet, and Eric Schmidt, the current Google chairman, will be executive chairman of the holding company.

Google has announced a massive reorganisation, with the search giant now becoming part of a bigger parent company – Alphabet – and getting a new CEO.

If so, they would have discovered that the Internet domain alphabet.com, as well as the trademark Alphabet, belonged to someone else – namely, the German automaker BMW. Over at Google, Sundar Pichai, who was senior vice president of products, will now take over as CEO of the company. Google Inc. shares will automatically convert into the same number of Alphabet Inc. shares and shareholders will have the same rights as before.

Under the new structure, the company’s core internet advertising business, which includes its search engine, Android smartphone software and YouTube video service, will be just one subsidiary of Alphabet. “We liked the name Alphabet because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search!”

Moreover, both Sergey and Larry believe that the move will help Google -Alphabet from now on- to be more “accountable and cleaner”.

In addition to Google, Alphabet will oversee Google X, the company’s experimental research lab; Calico, the company’s effort to increase the human lifespan; and Life Sciences, which works on projects like smart contacts for diabetes patients.

According to Page, Alphabet signifies a collection of companies, the largest of the lot being Google. It was also announced that the new head of Google was going to be Sundar Pichai, who is a top executive at the firm.

“We continue to think an era of more disclosure and cost consciousness… is positive for Google”, said technology specialists Pacific Crest.

In his post, Page explained that restructuring the company would provide better management scale by running unrelated projects independently. Alphabet will be replacing Google as the publicly traded company on the stock market.

But its shares have struggled since hitting an all-time high in early 2014 and it has little to show for ventures in other areas: self-driving cars, Google Glass, Internet balloons, health care, Google TV, mobile payments, home automation and its Google+ social network, among others.

Also included are several different ventures originally created under the Google brand that will now be run as separate entities.