In summary, the new company name is Alphabet. Google is a wholly owned subsidiary of the new Alphabet along with YouTube, and other companies that will be created with their own CEOs. Sundar Pichai, who has been running Google technically for a year, will be the new Google CEO.
GOOGL and GOOG stocks will continue to trade under those symbols, although the shares will actually be in the new Alphabet.
For more details, I recommend reading Slash Dots' insightful-rated comments.
Google Is Restructuring Under a New Company Called Alphabet – Slashdot
Mark Wilson writes: Sundar Pichai is the new CEO of Google as the company undergoes a huge restructuring. Co-founders Larry Page and Sergey Brin are moving to a new company called Google Alphabet which will serve as an umbrella company for Google and its various projects. Google itself is being, in …