Internet and technology juggernaut Google has unveiled a fresh corporate structure, with a new umbrella company called Alphabet.
Chief executive Larry Page said the new structure will make the operation of the company “cleaner and more accountable”.
Google shares jumped five per cent after the restructure was announced, Fortune reported.
Under the restructure plan, Alphabet will be comprised of the core Google business — including internet search, mapping and YouTube — along with newer businesses that will be managed separately, such as Google Fiber, Nest and the investment arm Google Ventures.
Google CEO Page will become CEO of the new entity, with his co-founder Sergey Brin serving as president.
Longtime Google executive Sundar Pichai, who has taken on increasingly important roles at the company in recent years, will be CEO of the core Google business.
Under the new structure, Page said the “newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead”.
Alphabet will be comprised of the current efforts in life sciences such as glucose-sensing contact lens and the health research firm Calico, he said.
Page’s parent company will also include the drone delivery project Wing and investment arms of the California technology giant.