Google co-founders Larry Page and Sergey Brin have launched a new company named Alphabet, which will manage Google and all of the company’s subsidiaries in a new operating structure.

Alphabet

The new management will give more freedom to each of Google’s subsidiaries, especially those in unconventional industries like Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity).

Each of Alphabet’s company will be managed independently by a CEO, with the help of Page and Brin, the CEO and President of Alphabet, respectively. The leaders of each company will receive compensation by the end of each quarter, based on the company’s performance.

Page announced:

“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.”

New CEO

The main objective of Alphabet is to disperse its focus on extraordinary opportunities and companies inside of Google. For this reason, Google will appoint Sundar Pichai, a long time technology executive and Product Chief as the new CEO.

“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,” Page wrote. “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.”

To the future

Meanwhile, Google has been leading fintech investments in 2015, and has made 25 unique company investments across a wide spectrum, including loans, personal saving, crowdfunding, and digital currency, with notable investments into Ripple Labs, Buttercoin and LedgerX.

The tech giant has also been aggressively pushing its Android Pay project, to compete against other mobile payment platforms, particularly Apple Pay and Samsung Pay. With the new management, Android Pay will be managed by its own CEO and an independent management team, to prioritize the development of the system and the platform.

Under the new structure, the aforementioned projects could see a boost in funding, interest and overall support going forward as Alphabet Inc. will try to take Google to the next level. As of now, Alphabet has 182 companies under their management, from startups involved in everything from 3D painting, robotics, and life extension to drone delivery systems.