Google Inc. GOOGL, -1.44% announced late Monday that it will create a new organizational structure, with an umbrella company dubbed Alphabet Inc. that co-founder and Chief Executive Larry Page will lead. Sundar Pichai, who was in charge of two of Google's most important products, Android and Chrome, will take over the CEO role at Google. "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," Page said in Monday's announcement. Google shares gained 4% in late trading after closing with a 0.2% loss at $663.14.