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Google has announced on Monday that it is creating a new parent company called Alphabet, which will be run by its two founders, Larry Page and Sergey Brin. Alphabet will replace Google Inc. as the business traded on the stock market; Google, the service, will be the largest single entity owned by that parent company. Page, Google’s founder and CEO, will take over as CEO of Alphabet (the company’s URL will appropriately be ABC.xyz). Sundar Pichai, Page’s top deputy at Google, will take over as CEO of Google. This will allow Google to build a more robust portfolio of businesses, each with its own dedicated CEO, under the Alphabet umbrella. Google’s investments already extend well beyond search and smartphones to include the life extension project Calico, its moonshot division Google X and Nest, the home device manufacturer that it acquired for $3 billion last year.

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