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Just a day after Alphabet's Q1 2019 earnings call with investors, the company has issued a press release announcing that Eric Schmidt will not be seeking re-election to Alphabet's Board of Directors once his current term expires on June 19, 2019.

Per John Hennessy, the Chairman of the Board:

Eric has made an extraordinary contribution to Google and Alphabet as CEO, Chairman, and Board member. We are extremely grateful for his guidance and leadership over many years.

Eric Schmidt has been a member of the Board since March 2001, and in addition to that, he also served as Google's CEO between July 2001 and April 2011. Following that, he took on the role of Executive Chairman in April 2011 until January 2018.

In addition to Eric's departure, Alphabet announced that Diane Greene will be leaving the Board, too. Diane joined in January 2012 and was Google Cloud's CEO for just over three years from December 2015 to January 2019.

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Last but not least, Robin L. Washington is joining the Board. Specifically, she'll work with the company's Leadership Development and Compensation Committee.

Per Robin:

I'm honored to join Alphabet's Board, and I look forward to the opportunity to help guide the company's important work. I'm excited to be part of a company that has such a tremendous opportunity to improve the lives of people around the world.

Eric Schmidt will stay involved with Alphabet as a "technical advisor", but after 18 years of serving the Board, we certainly think he's deserved this bit of rest.

Alphabet saw slowest revenue growth in three years during Q1 2019