Today, Google announced that it would be restructuring the whole company to fall under a new company called Alphabet.

Google stock will be converted into Alphabet stock. Many of Google’s external ventures will now also fall under the “Alphabet” umbrella.

To to the end user this makes very little difference however it has been reported that this will help innovation within the company.  Google’s famous X Lab will also fall under this new parent company, as will Nest and Google Fiber.

Former head of Android, Chrome, and Apps, Sundar Pichai is Google’s new CEO. As in the smaller Google (made up of search, ads, maps, YouTube and Android) that falls under Alphabet.

Larry Page and Sergey Brin will become Alphabet’s CEO and President.