There are a lot of changes in Google recently, and they're pretty big. For one thing, it won't be called "Google" anymore.

Say hello to the new parent company: Alphabet.

Co-founder and current CEO Larry Page announced on Monday, "Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet."

Entrepreneur reported that Google Inc. is set on creating a new operating structure by forming a new umbrella company called Alphabet Inc.

Page will be leading the new company, while the other co-founder, Sergey Prin, will be president.

Google itself, on the other hand, will be getting a new CEO as it becomes an operating unit - Sundar Pichai, who has been running Android and Chrome sectors.

It's easy to think that Google is just getting a name change, but that's not the case.

Page said that they want a "slimmed down" version of the company, with their other businesses becoming their own operating companies. Each unit, like Life Sciences and Calico Biotech, will also be getting their own CEO.

So what should you know about this big change?

1) Google will still retain its core business, so search, ads, Maps, apps, YouTube, and Android will still be under the Google name and their tens and thousands of employees will still be reporting to Pichai, said Time Magazine.

2) If you're not familiar with Pichai, a Businessweek Profile said that he was the one who is in charge of Chrome, as well as the overseer for Gmail and Google Docs in 2011. In 2013, he became in charge of Android.

3) The new structure gives Google shareholders an advantage. The introduction of Alphabet means that the company can now spin off their different units into their own companies, which means existing holders can get some shares.

4) Alphabet Inc will replace Google Inc as its publicly-traded entity, and shareholders have nothing to worry about. All Google shares will convert into the same number of shares on Alphabet.

5) In case you're wondering about the name, Page wrote, "We liked the name Alphabet 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. We also like that it means alpha-bet (Alpha is investment return above benchmark), which we strive for!"

If you're not used to using the name "Alphabet" yet, Page assured that even they are still getting used to it.

What do you think about this major change in the company?