In a significant restructuring of the company, Google has appointed Sundar Pichai as its new CEO. Larry Page and Sergey Brin (Google’s co-founders), have shifted themselves to a larger holding company called Alphabet. Page is the CEO while Brin will be the President of Alphabet, which will oversee Google as well as affiliated companies like Calico (aiming to extend human life), Wing (drone delivery), Google’s early stage funding operations like Ventures (which recently funded Pakistani owned startup Vida) and Capital. Pichai and Google will handle search, ads, maps, the Google Play Store, YouTube, and Android.

In addition to the managerial shakeup, the restructuring involves moving finances around as well. Google’s shares will now be traded as shares of Alphabet holding company. Investors have welcomed the news and shares were up by more than 4% after the announcement, which came in a blog post by Page.

Page said:

We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.