Don't worry Google Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) investors, the company isn't going away (as some bloggers warn).

The Specifics

In a new SEC filing and subsequent blog post, the company said it is creating a new company, Alphabet.

Alphabet will oversee Google and a collection of other companies, including Google X, Calico, Life Sciences, Ventures and Capital. Google co-founder Larry Page will act as Alphabet's new CEO, while Sundar Pichai will be Google’s new CEO. Sergey Brin will be Alphabet’s president.

Eric Schmidt will now be the Executive Chairman of Alphabet, while Ruth Porat will act as the umbrella corporation's CFO.

"Under the new operating structure, [the] main Google business will include search, ads, maps, apps, YouTube and Android and the related technical infrastructure," according to an official filing. Incubator projects, it adds, "will be managed separately."

GOOG, GOOGL Will Remain

The company's reorganization also means Alphabet will own all of Google's capital stock and will continue to trade on the NASDAQ as "GOOG" and "GOOGL." This will take place later this year; allow General Counsel Kent Walker to explain:

"Alphabet will initially be a direct, wholly owned subsidiary of Google. Pursuant to the Alphabet Merger, a newly formed entity (“Merger Sub”), a direct, wholly owned subsidiary of Alphabet and an indirect, wholly owned subsidiary of Google, will merge with and into Google, with Google surviving as a direct, wholly owned subsidiary of Alphabet."

In simple terms, Alphabet is currently a subsidiary of Google but will eventually be its parent.

Reader Reactions

The best insight, however, may come from readers themselves. Here what they had to say after Google's official blog post.

Market Reaction

Early market reaction to the news is positive with shares up nearly 5 percent, but stay tuned for updates on the company's price action.

See the full SEC filing below.

20150810 Form 8-K