Google to restructure into new holding company called Alphabet

Google unveiled a surprise corporate reorganization plan yesterday, forming a new parent company dubbed Alphabet that will include the Internet search unit as one of several entities.

Google CEO Larry Page will take on the same title at Alphabet. The search engine unit will be led by Sundar Pichai, current vice president of the company, according to ABC.

Subsidiaries include research arm X Lab, investment unit Google Ventures and health and science operations.

"Our company is operating well today, but we think we can make it cleaner and more accountable," Page said during the announcement yesterday.

Read more from ABC.