The former chief executive’s departure is part of broader shake up of Alphabet’s board, which is the target of a shareholder lawsuit.
SAN FRANCISCO Googles parent company, Alphabet, said Tuesday that Eric Schmidt, its former chief executive, planned to relinquish his position on the board of directors in June.
His departure will end an era for the internet giant, in a shake-up of one of the coziest and most stable corporate boards in Silicon Valley.
The board has come under scrutiny because of a shareholder lawsuit filed in January which said directors had neglected their fiduciary duties by approving massive exit packages for executives accused of misconduct.
The lawsuit, citing minutes and emails, said board members had rubber-stamped compensation agreements hammered out by Mr.