By Alex Fitzpatrick
August 10, 2015

Google’s leaders are turning the company into a subsidiary of a new “collection of companies” called “Alphabet,” Google co-founder Larry Page announced in a Monday afternoon blog post that shocked the technology community.

Page will run Alphabet as CEO, with fellow Google co-founder Sergey Brin serving as president. Sundar Pichai, formerly Google’s vice president in charge of products, will serve as CEO of Google.

The new arrangement will see Alphabet, Inc. replacing Google as the publicly-traded company, Page said. Current shares of Google will be transferred automatically into shares of Alphabet; the company will remain listed as GOOG on the NASDAQ.

Read more Read TIME’s 2013 cover story, ‘Google vs. Death’

Here’s Page with more details on what Alphabet actually is:

Read next: Here’s Why Google Is Making the Titanic Shift to ‘Alphabet’

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Write to Alex Fitzpatrick at alex.fitzpatrick@time.com.

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