(Telecompaper) Google announced plans to create a new holding company called Alphabet, with Google as just one of several subsidiaries of the group. Google co-founder Larry Page will be CEO of Alphabet and Sergey Brin will serve as President of the new company, while Sundar Pichai will become CEO of Google. In a blog post, Page said the new structure will make the company "cleaner and more accountable". Businesses that are "pretty far afield" of Google's main internet business will be included Alphabet itself, such as Life Sciences (products such as glucose-sensing contact lens) and Calico (focused on longevity). The X lab for new development work and theventure capital arm will also be included in Alphabet. The other businesses will each have a strong CEO with the independence and capital needed, with Brin and Page "in service to them as needed". As part of the new plan, Google will start reporting a breakdown of its financial results for each segment, with Google financials separate from the rest of the Alphabet businesses as a whole.