Google will still be Google but became part of Alphabet on Oct. 2.

Sounds confusing? It is until you realize Alphabet, Inc. is the new holding company that now owns Google, Inc. Alphabet also owns other Google subsidiaries such as YouTube, Nest Labs and Google X labs.

The change hasn't affected Google's listing on the Nasdaq, however. Alphabet's ticker still reads "GOOGL" and "GOOG", the same as before. Starting Oct. 5, Alphabet will trade under the name and corporate identity of Alphabet. This firm became Google’s holding company on Oct. 2.

But in line with the change, Google's code of conduct expressed in the famous credo, "Don't do evil" has been changed to the more positive, "Do the right thing".

There won't be a major change in the ethics that has guided the company over the years. If anything, the focus on doing the right thing has become ingrained in Google culture.

“Employees of Alphabet and its subsidiaries and controlled affiliates should do the right thing --follow the law, act honorably, and treat each other with respect”, said the new code.

In a letter on the Alphabet website, Google co-founder and Alphabet CEO Larry Page took the time to talk about Alphabet; where it’s going and what it’s accomplished since 2004 when he and Sergey Brin took Google public.

Page noted in the Alphabet website that Google “is operating well today, but we think we can make it cleaner and more accountable”. To do that, he and Brin decided to create Alphabet. He said Alphabet will give them more management scale so they can run things independently that aren’t quite related.

He also said the new structure under Alphabet will allow them to remain focused on the extraordinary opportunities they have inside of Google. Alphabet will be about businesses prospering through strong leaders and independence.

“In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed”, said Page.

Page explained Alphabet is mostly a collection of companies, the largest of which is Google. While the new Google is “a bit slimmed down," the other companies in Alphabet are “far afield” of their main internet products.

He cited Alphabet’s life sciences subsidiaries such as Life Sciences that works on the glucose-sensing contact lens and Calico that concentrates its work on longevity.

Page noted that he and Brin liked the name Alphabet “because it means a collection of letters that represent language, one of humanity’s most important innovations, and is the core of how we index with Google search”!

And he noted that in 1998 when he co-founded Google until today, “Google is not a conventional company. We do not intend to become one”.

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