Google unveiled a surprise corporate reorganization Monday, forming a new parent company dubbed Alphabet that will include the Internet search unit as one of several entities.

The company’s mysterious X lab, responsible for developing initiatives such as drone delivery business Project Wing, will now operate under Alphabet, as will its Life Sciences division, which is developing a glucose-sensing contact lens. The site claims that Google restructuring as Alphabet will allow it to venture into such industry while assuring long-term growth. The major large search giant Google has announced a parent company Alphabet Inc by restricting all the associated companies.

Google’s Internet business and innovation ventures are getting so big, executives have decided a new company is needed to oversee them.

Google CEO Larry Page will become CEO of the new entity or else new field, with his co-founder Sergey Brin to be as president. “The whole point is that Alphabet companies should have independence and develop their own brands”.

Google founder Larry Page said it would create a simpler structure for what had become a diverse group of businesses. Over at Google, Sundar Pichai, who was senior vice president of products, will now take over as CEO of the company.

“I feel very fortunate to have someone as talented as he is to run the slightly slimmed-down Google and this frees up time for me to continue to scale our aspirations”, wrote Page.

“It suggests that in all likelihood, Google is not going to slow the pace of their experimental processes like self-driving cars”, said Michael Yoshikami, head of Destination Wealth Management, which has $1.5 billion under management. It will also ensure each subsidiary has its own strong leadership, with Page and Brin supporting them and making decisions on capital allocation for each subsidiary.

For investors, Google shares will now be Alphabet shares, although the ticker symbol will still be GOOG.

Richmond added: “Google could see this as a way to ease the pain of regulatory issues, particularly in Europe, further down the line”.

“I think the idea is that increased transparency will allow the company (and investors) to hold executives more accountable”, Sebastian said via email. In the mean time, starting Q4 of this year, Google financials will be provided separately from the rest of the Alphabet business.