As the Google founders put it 11 years ago, “Google is not a conventional company. We do not intend to become one.” Over the past decade, the company has has time and time again proven this statement to be correct. There announcement yesterday, is not different.

In a statement released yesterday, Google has announced that it will be reorganizing into a holding company, which will be known as Alphabet. “Our company is operating well today, but we think we can make it cleaner and more accountable,” stated CEO Larry Page. “This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google.”

So what exactly is Alphabet? As Page explained, Alphabet is a collection of companies, which includes: the core Google business (Internet search, mapping, and YouTube), Google Fiber, Next, Google Ventures, and other far afield business. These far afield business refer to the companies that do not necessarily fit under the label of an internet product, such as the health companies Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity).

Management changes and responsibilities will be fairly unchanged. Larry Page will become the CEO of Alphabet alongside co-founder Sergey Brin who will serve as president. Sundar Pichai, a longtime executive with the Google, will become the CEO of the core Google Business. He has managed much of Google’s core business for several years now, which will make for a seamless transition.

“Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related,” Larry Page continued.

As for as investments in Google as the publicly-traded entity is concerned, not much has changed either. All shares will automatically be converted into the same number of Alphabet shares, with all of the same rights. The company will continued to be traded on Nasdaq under the two class shares, GOOGL and GOOG.

It will be exciting to watch how this transition plays out and how Google continues to grow. The technology company continues to change the way we live our daily lives and this shift appears to pave the way for even more exciting advancements in the near future.