Google has announced that it will be folding itself into a larger company, called Alphabet. The new “slimmed down” Google, as current CEO Larry Page put it, will now be run by Sundar Pichai, hitherto the company’s product chief. Pichai will manage Google’s core businesses—like search and advertising. Alphabet will essentially be a holding company for Google, as well as all the projects, crazy ideas, capital investments, and subsidiaries that Google has acquired over the years. Page will stay on as the CEO of Alphabet, and Google co-founder Sergey Brin will be its president.