Former Google CEO Eric Schmidt and former Google Cloud CEO Diane Greene are both leaving Alphabet's board of directors (GOOG, GOOGL)

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• On Tuesday, Alphabet announced that former Google CEO Eric Schmidt and former Google Cloud CEO Dianne Greene will not seek re-election to its board of directors. 
• Alphabet also announced the addition to its board of Robin L. Washington, CFO of the Bay Area biopharmaceutical company, Gilead Sciences.
• Schmidt will continue on as a “technical advisor to Alphabet,” and according to an SEC filing released Tuesday, he will receive an annual salary of $1 for his services. 
• News of the departures come on the same day as Alphabet’s stock plunged more than 8%, wiping out more than $70 billion in market value.

On Tuesday, Alphabet announced that former Google CEO Eric Schmidt and former Google Cloud CEO Dianne Greene will not seek re-election to its board of directors. 

Schmidt’s exit comes after 18 years on the board. According to the press release on Tuesday, the former Google CEO will continue on as a “technical advisor to Alphabet.” 

Greene’s departure was perhaps more predictable, as the former cloud chief exec was replaced by Oracle veteran Thomas Kurian in January of this year. Greene served on Alphabet’s board since 2012. 

Both Schmidt’s and Greene’s terms will end in June. 

Along with the big name departures to its board, Alphabet also announced the addition of Robin L. Washington, CFO of the Bay Area biopharmaceutical company, Gilead Sciences.

“I’m excited to be part of a company that has such a tremendous opportunity to improve the lives of people around the world,” Washington said in a statement. 

According to an SEC filing released on Tuesday, Washington will receive a one-time stock grant worth $1,000,000 for joining the board. She will also be eligible to receive an annual stock package worth $350,000, as well as an annual $75,000 cash bonus. 

News of the departures come on the same day as Alphabet’s stock plunged more than 8%, wiping out more than $70 billion in market value.

Read more: Google’s Q1 was a $70 billion disaster that analysts say is the reality-check it needs to finally make a big change

Tuesday’s announcement may seem like the end of an era for Schmidt —  who served as Google’s chief exec for almost ten years and sat on its board since March 2001. But in the spirit of his former management coach Bill Campbell — the subject of his most recent book — Schmidt says he looks forward to “helping the next generation of talent” at Google and beyond.

For Schmidt’s role as a Technical Advisor at Google, according to the SEC filing, he will receive an annual salary of $1.

SEE ALSO: Google’s Q1 was a $70 billion disaster that analysts say is the reality-check it needs to finally make a big change

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