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Investors


IS FOR GOOGLE

As Sergey and I wrote in the original founders letter 11 years ago, “Google is
not a conventional company. We do not intend to become one”

more

As part of that, we also said that you could expect us to make “smaller bets in
areas that might seem very speculative or even strange when compared to our
current businesses.” From the start, we’ve always strived to do more, and to do
important and meaningful things with the resources we have.

We did a lot of things that seemed crazy at the time. Many of those crazy things
now have over a billion users, like Google Maps, YouTube, Chrome, and Android.
And we haven’t stopped there. We are still trying to do things other people
think are crazy but we are super excited about.



We’ve long believed that over time companies tend to get comfortable doing the
same thing, just making incremental changes. But in the technology industry,
where revolutionary ideas drive the next big growth areas, you need to be a bit
uncomfortable to stay relevant.



Our company is operating well today, but we think we can make it cleaner and
more accountable. So we are creating a new company, called Alphabet. I am really
excited to be running Alphabet as CEO with help from my capable partner, Sergey,
as President.



What is Alphabet? Alphabet is mostly a collection of companies. The largest of
which, of course, is Google. This newer Google is a bit slimmed down, with the
companies that are pretty far afield of our main internet products contained in
Alphabet instead. What do we mean by far afield? Good examples are our health
efforts: Life Sciences (that works on the glucose-sensing contact lens), and
Calico (focused on longevity). Fundamentally, we believe this allows us more
management scale, as we can run things independently that aren’t very related.



Alphabet is about businesses prospering through strong leaders and independence.
In general, our model is to have a strong CEO who runs each business, with
Sergey and me in service to them as needed. We will rigorously handle capital
allocation and work to make sure each business is executing well. We’ll also
make sure we have a great CEO for each business, and we’ll determine their
compensation. In addition, with this new structure we plan to implement segment
reporting for our Q4 results, where Google financials will be provided
separately than those for the rest of Alphabet businesses as a whole.



This new structure will allow us to keep tremendous focus on the extraordinary
opportunities we have inside of Google. A key part of this is Sundar Pichai.
Sundar has been saying the things I would have said (and sometimes better!) for
quite some time now, and I’ve been tremendously enjoying our work together. He
has really stepped up since October of last year, when he took on product and
engineering responsibility for our internet businesses. Sergey and I have been
super excited about his progress and dedication to the company. And it is clear
to us and our board that it is time for Sundar to be CEO of Google. I feel very
fortunate to have someone as talented as he is to run the slightly slimmed down
Google and this frees up time for me to continue to scale our aspirations. I
have been spending quite a bit of time with Sundar, helping him and the company
in any way I can, and I will of course continue to do that. Google itself is
also making all sorts of new products, and I know Sundar will always be focused
on innovation—continuing to stretch boundaries. I know he deeply cares that we
can continue to make big strides on our core mission to organize the world’s
information. Recent launches like Google Photos and Google Now using machine
learning are amazing progress. Google also has some services that are run with
their own identity, like YouTube. Susan is doing a great job as CEO, running a
strong brand and driving incredible growth.



Sergey and I are seriously in the business of starting new things. Alphabet will
also include our X lab, which incubates new efforts like Wing, our drone
delivery effort. We are also stoked about growing our investment arms, Ventures
and Capital, as part of this new structure.



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. Google will become a wholly-owned
subsidiary of Alphabet. Our two classes of shares will continue to trade on
Nasdaq as GOOGL and GOOG.



For Sergey and me this is a very exciting new chapter in the life of Google—the
birth of Alphabet. We liked the name Alphabet because it means a collection of
letters that represent language, one of humanity’s most important innovations,
and is the core of how we index with Google search! We also like that it means
alpha-bet (Alpha is investment return above benchmark), which we strive for! I
should add that we are not intending for this to be a big consumer brand with
related products—the whole point is that Alphabet companies should have
independence and develop their own brands.



We are excited about…



 * Getting more ambitious things done.
 * Taking the long-term view.
 * Empowering great entrepreneurs and companies to flourish.
 * Investing at the scale of the opportunities and resources we see.
 * Improving the transparency and oversight of what we’re doing.
 * Making Google even better through greater focus.
 * And hopefully… as a result of all this, improving the lives of as many people
   as we can.

What could be better? No wonder we are excited to get to work with everyone in
the Alphabet family. Don’t worry, we’re still getting used to the name too!

Larry Page




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