- Google will now be operated as a subsidiary of a new company called Alphabet.
- Alphabet will be publicly traded under the same symbols as Google is now traded.
- Stock will just transfer as-is.
- Sundar Pichai is now the CEO of Google.
- Larry and Sergey will run Alphabet as CEO and President, respectively.
* What was called "Google" will now be called "Alphabet", with Larry and Sergey as CEO and President.
* Much of the core business of the old Google will be operated in a division/subsidiary of the new Alphabet called "Google", of which Sundar Pichai will be CEO.
* The rest of the old Google's business will be in other units of Alphabet.
Obviously s/class/company/g modulo plurals...
* Alphabet has-one Google
* Google belongs-to Alphabet
* YouTube belongs-to Google
* Google X belongs-to Alphabet
I find it easier to think of it as a name change and the creation of a new subordinate entity within the old organization with its own CEO than to think of it as creating a new entity above Google, and transferring lots of functions from Google to the new superior entity, transferring all stock in Google to stock in the new superior entity, and changing the leadership of Google.