Monday, August 10, 2015

"In the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant."

Larry Page
Said : Larry Page, Co-founder of Google Inc., while announcing massive restructuring of the company in his blog on Monday, August 10, 2015, 'G is for Google.' 

Larry stated his blog with : "As Sergey and I wrote in the original founders letter 11 years ago, “Google is not a conventional company. We do not intend to become one.” As part of that, we also said that you could expect us to make “smaller bets in areas that might seem very speculative or even strange when compared to our current businesses.”  "From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have."

Larry and Sergey have shifted to Alphabet Inc. from where they plan to monitor all their group companies. As per the new operating system of the Alphabet Inc. which is a collection of companies, Larry wants to have a strong CEO for each business. Sundar Pichai will be the new CEO of Google whereas Co-founders Larry Page and Sergey Brin will shift to Alphabet. All Google shares will now be traded as shares of Alphabet. As CEO and President of Alphabet, Page and Brin will oversee Google and affiliated companies that include Calico (life-extension project) and Wing (a drone delivery venture, part of X lab). Alphabet will also direct Google's Capital and Ventures.

Praising Pichai, he wrote : "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."

"Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG," he added.

Good Luck to Larry and Sergey for this bold initiative taken at this stage of their career. Wish a huge Calico success to you both and to your Alphabet. 

No comments:

Post a Comment

Thank you for your comments. The publication of the comments are subject to the admin approval.