Google Inc. proved again how readily the tech sector pivots to a new approach.
The company said Monday it was transforming itself into Alphabet, a holding company led by co-founder Larry Page that includes the search engine and Google’s other ventures, including the X lab and its capital and venture funding arms as separate companies.
Sundar Pichai, senior vice president of products, will take over the slightly trimmer Google business as chief executive officer. He had been senior vice president of products.
“Alphabet is about businesses prospering through strong leaders and independence,” Page said. “In general, our model is to have a strong ceo who runs each business, with [president] Sergey [Brin] and me in service to them as needed.”
Over just 11 years, Google has grown to be a force in modern life and drew $16 billion of advertising revenue in the second quarter alone, an 11 percent increase over a year earlier.
“From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have,” Page said, looking back at the company’s 11-year run so far. “We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven’t stopped there. We are still trying to do things other people think are crazy but we are super excited about.”
Among Google’s less successful experiments was its Google Glass business, which launched with a fashion flash, but fizzled and is now being reimagined.