On Monday, tech giant Google announced a radically different operating structure under a new holding company dubbed Alphabet Inc.

Page will serve as the CEO of the newly created company, while Ruth Porat, who joined Google from Morgan Stanley as the chief financial officer this March will become the CFO of both Alphabet and Google.

Google made the announcement today, announcing its intention to form a new operating parent company by the name of Alphabet, Inc.

Alphabet would replace Google as a publicly traded entity.

Pichai took charge of Google’s core products, including search, maps, research, Google+, Android, Chrome, infrastructure, commerce and ads, and Google Apps. “The whole point is that Alphabet companies should have independence and develop their own brands”.

Pichai might not have been tempted – Twitter is a flaming mess right now, while being the number-two man at a far more powerful company like Google was a pretty good situation to be in.

In a surprise move, Google cofounders have said they are stepping down from management of the firm and have appointed Sundar Pichai as the new CEO. Page and Brin are likely banking on more investor support with the restructuring, though – on quarterly reports, Alphabet will now be able to report the performance of its divisions separately, showing off the strength of individual projects while explaining away the weaker ones. “And it is clear to us and our board that it is time for Sundar to be CEO of Google”, Page said. “What is Alphabet? Alphabet is mostly a collection of companies”.

He added: “This change is more of a shuffle around for brands such as Nest [Google’s smoke alarm and thermostat business] or Fiber [its US broadband service]”.

“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google”, Page said.

2014: Google completes a controversial stock split that creates a new class of non-voting shares, cementing Page and Brin’s control as major voting stockholders. The name also consists of the word “alpha” which means an active return in the investment industry.

Last quarter, Google posted $17.7 billion in sales, 90% of which was attributed to advertising it sold through search, partner websites, YouTube and Android.

Ventures, Capital, Sidewalk, and the drone-delivery service wing will also become separate companies under Alphabet’s umbrella.