Google’s stock is up about 5% in after-hours trading Monday after company co-founder Larry Page announced the search giant will become a subsidiary of a new umbrella company called Alphabet.
Alphabet will become the publicly-traded entity, Page said. Current holders of Google stock will see their shares automatically converted into shares of Alphabet. Alphabet will continue to be listed as GOOG.
Page will serve as Alphabet’s CEO, while fellow Google co-founder Sergey Brin will have the role of president. Google VP of Products Sundar Pichai will take over as Google’s CEO.
MORE: Read TIME’s 2013 cover story, ‘Google vs. Death’
Here’s more from Page:
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