Google announced the creation of a new company called Alphabet, with Google founders Larry Page serving as CEO and Sergey Brin as president.

Google has assimilated within a new holding company called Alphabet inside, which most of the Google controlled companies, and the search engine giant will now operate. According to the New York Times, Google’s decision to create the mother company Alphabet means that the company intends to be one of the most innovative company of the 21st century.

Google stock will become Alphabet stock, but will continue trading as GOOGL and GOOG, which may cause some confusion as the world adjusts to Google’s step down from its gargantuan status and Alphabet’s rise to power.

Alphabet will not be taking over YouTube, Google Maps, Google Now, or Android. Also, with a hyphen, alpha-bet means an investment return above benchmark, he said.

“Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I’ve been tremendously enjoying our work together”, Page said in a blog post. In October, Page announced that he would take less of a day-to-day role at the company to focus on Google’s future, and handed most of the product operations to Pichai. Each of these businesses will have its own CEO and business strategy.

Alphabet’s executive chairman will be Eric Schmidt while Brin will remain as top man of Google X, aside from being Alphabet’s president.

Guardian explained that this restructuring is a bit like Warren Buffet’s Berkshire Hathaway, which encapsulates other ventures but doesn’t strongly control them, mixed with General Electric, which is a larger company owning other companies and still has a slight hand in how they’re run. Google’s other ventures, such as Google+ social network, home automation, Google TV mobile payments, health care, Internet balloons, Google Glass and self-driving cars have yet to show further developments and improvements. That will include divisions like Life Sciences and Calico, which tend to focus on moonshot goals such as developing glucose-sensitive contact lenses or extending the human lifespan.

“Investors will probably be happy because the new structure gives management more flexibility to manage the assets”, said Kay, noting that the revamp will also help Google become a leaner business.