Alphabet's Verily Raises $1 Billion and Shakes Up Leadership Team
- Gillett moves from president’s role to CEO; Conrad to chairman
- Alphabet trying to get ‘Other Bets’ on road to profitability
Photographer: Andrew Harrer/Bloomberg
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Verily, the Alphabet Inc. life sciences unit that experimented with diabetes-detecting contact lenses and launched Covid-19 testing programs, said it raised $1 billion in new investments led by its parent company, padding its war chest as the health-tech market heats up.
As part of Friday’s announcement, Verily also said two executives would leave their positions at the company. Founder and long-serving Chief Executive Officer Andy Conrad will become executive chairman, and Verily’s current president, Stephen Gillett, will step into the CEO role in January. Chief Financial Officer Deepak Ahuja is leaving “for another opportunity.”