Google Inc. is changing its operating structure by setting up a new company called Alphabet Inc., which will include the search business and a number of other units.

Larry Page said in blog post he would become the chief executive of Alphabet, while Senior Vice President Sundar Pichai will be CEO of Google.

Alphabet Inc. will replace Google as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights.

"This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google," Larry Page said in the blogpost.