On Tuesday, Google Inc announced that it will create a new umbrella company Alphabet Inc which will be headed by the co-founder and CEO of Google Larry Page.

Alphabet will operate as the parent company for a number of smaller companies, including Google, which will continue to focus on Internet products. The new structure will be introduced in phases over the coming months.

Page said the intent is not for Alphabet to be a consumer brand, but for a clearer division between its core Internet search business and activities such as driverless cars and longevity research, which will now be the focus of a number of smaller companies under the Alphabet umbrella. Page said the name Alphabet was chosen because language and the ability to communicate are humanity's most important innovations and essential to people's interaction with Google.

The restructuring indicates that rather than an Internet company with other interests, it is now a multi-faceted tech giant with a number of core activities.