There are some huge changes going on at Google. Earlier today, the search giant revealed that it has created a new holding company dubbed 'Alphabet', which will serve as an umbrella for their rapidly growing portfolio of non-internet services.

Google will of course, still exist but in a more streamlined capacity. Company co-founder Larry Page detailed the reasoning behind this new move:

What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related.

Page and his fellow co-founder Sergey Brin will serve as Alphabet's CEO and President respectively. The helm of the new look Google is being entrusted to Sundar Pichai, A company veteran of more than 10 years. Here's what Page said of Pichai's appointment:

 A key part of this is Sundar Pichai. 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. He has really stepped up since October of last year, when he took on product and engineering responsibility for our Internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google.

Furthermore, Alphabet will replace Google as the publicly traded entity on the stock market. To learn more about this huge development, check out Page's offical statement.