Google is restructuring its organization with an announcement of a new corporate name- Alphabet Inc. Google founder and CEO Larry Page will lead as the Alphabet CEO while co-founder Sergey Brin will be its president.

Sundar Pichar will be in charge of Google wrapping up YouTube, Google search, ads, maps, apps and Android.

"Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President." CEO Larry Page said in a press release to the investors.

The team came up with the name Alphabet since it implies a set of letters that forms the language. "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!" The name also consists of the word 'alpha' which means an active return in the investment industry.

Accordingly, he's appointing Sundar Pichai as the new Google CEO. He explained this will allow him more time to work on the future goal of the management, it would also allow the team to work independently on other areas of Alphabet. But he affirmed he will still continue to help Pichai in every aspect. Page said the structure will make him stay on focus with the details inside Google.

The company gained $16B profit heading their $66B revenue because of Pichai's projects, reported The Hindu.

No wonder he's admiring the talent of the former SVP for Android highlighting its achievements since it took over the position last year. He's excited for its advancement and enthusiasm for Google.

But before Sundar entered Google, he was a board member of Jive Software and a management consultant in McKinsey & Company. He received an Institute Silver Medal in Indian Institute of Technology and studied MBA from the Wharton School, University of Pennsylvania. He's been a Siebel and a Palmer Scholar as well.

Going back to Alphabet, Page described it as a collection of companies with Google as the largest,  focusing on internet products. Other divisions would be Life Sciences, which will continue to work on smart contact lenses for diabetics to determine glucose levels through tears, Calico; a research and development division that will find remedies for illnesses related to aging, X Lab; a facility that will develop the Project Wing, and Ventures and Capital which will grant funds to startup companies.

All Google shares and rights will be converted to Alphabet but will remain as GOOGL and GOOG on Nasdaq.

Lastly, Page emphasized the main purpose of the corporation; that is to be independent and to build up its standalone brands.