That isn’t really true. As far as most users are concerned, Google will still be Google. What happened was that the more far-flung Google enterprises are being given their own entities, and their own CEOs. They will not be under Google, but they will be under the umbrella company, Alphabet, that will also own Google.
Larry Page is going to be the CEO of the new entity, and Sergei will be the president, so both of Google’s founders will still have oversight of all the companies. What may be significant is that Google, the sub-entity, has a new CEO. His name is Sundar Pichai, and he was the senior vice president of product. There he managed some of Google’s most important activities, including search, advertising, Android and Youtube. Pichai has been considered the likely next CEO for some time.
What we don’t know yet is whether this new entity, whose primary motive is apparently to allow top-notch CEOs to have more independence running different parts of the enterprise, will really give them that freedom. Larry Page and Sergei Brin have always been known for keeping their hands in everything.
Some critics have joked that the new structure might allow some parts of the enterprise to evade the so-called motto “don’t be evil.” A more positive take is that Larry and Sergei will now be able to spend more time on the riskier experimental projects they often describe as “moonshots.”