Google has created a parent company, Alphabet, in a surprise restructuring announced by Google founder Larry Page today.

Seperate divisions such as Youtube and Android will be retained by Google, but the new drone business and smart-home arm Nest will come under Alphabet. The move is an attempt to clarify the separate parts of what has become a complex and diverse business, and has been cheered by investors.

The surprise news sent shares of Google (NASDAQ:GOOG) up by 5% in pre market trading, however share price has now dropped -0.25%.

Google founder Larry Page said in a blog post:

“This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google.

“Our company is operating well today, but we think we can make it cleaner and more accountableThe whole point is that Alphabet companies should have independence and develop their own brands.”

Page will become chief executive of Alphabet, with senior vice president Sundar Pichai becoming CEO of Google.