It feels strange to have to say it, but once upon a time, around 11 years ago, Google was simply an Internet Search Engine company. It was founded for the purpose of Internet research and that’s pretty much all it did.

These days, of course, Google has its tendrils in multiple projects – including drones, self-driving cars, smartphones, venture capital and one initiative aimed at extending human life – and it seems that the company feels the time is right to do a little housekeeping.

In a post on Google’s official blog, CEO Larry Page has announced the creation of a parent company for Google, named Alphabet, in order to make the company “cleaner and more accountable”.

According to Page the new parent company will administer to a collection of smaller companies, of which Google, naturally, will be one. Google, he says, will be slimmed down slightly and will still handle a lot of Alphabet’s Internet-connected businesses and initiatives – such as Chrome, YouTube, Android and the like.

Alphabet, however, will allow for ‘moonshot’ initiatives such as the Calico Life Extension project to operate as separate entities, under the banner of the new parent company.

“Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related,” Page wrote. “Alphabet is about businesses prospering through strong leaders and independence.”

Google co-founder, Sergey Brin, will step in as President of the newly created Alphabet while Page, for his part, will be CEO. Google says its existing shares will convert to Alphabet shares but will continue to trade under the current stock tickers, GOOG and GOOGL – just in case anyone was confused.