Google has restructured operations to separate its mainstay search operation from its "moonshot" developmental businesses in a move that appeals to the demands of Wall Street, which was concerned that the company was taken its eye off the ball.

It created Alphabet as a holding company to house its traditional business and forays into future-oriented operations such as Nest home security/management, Fiber internet services provider, drone delivery, Google Glass, venture capital and investments.

Co-founders Larry Page takes the helm of Alphabet while Sergey Brin slides into the president position.

Sundar Pichai is tapped as the CEO of Google's core advertiser-driven business, which includes YouTube, Android and Chrome.

"Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related," wrote Page on Google's blog.

He said he will spend time with Pichai to help the company in any way that that he can.

The Alphabet name was chosen "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," blogged Page.