Former Google CEO Eric Schmidt and former Google Cloud CEO Diane Greene are both leaving Alphabet's board of directors

• 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. 
• 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. 

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.

This story is developing. 

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