What you need to know
- Disney CEO Bob Iger has stepped down from Apple's board of directors.
- The move comes as both companies ready to launch competing streaming services this fall.
- He had been on the board since 2011.
Disney CEO Bob Iger has stepped down from Apple's board of directors. According to The New York Times, Apple confirmed the departure in an SEC filing on Friday.
Iger had been on Apple's board since 2011 as well as being chair of Apple's corporate governance committee and on its compensation board. But the departure was necessary as both Disney and Apple are getting into streaming services resulting in a conflict of interest.
He officially resigned on September 10, the same day Apple held its iPhone event. During the event, on top of announcing the iPhone 11, Apple also announced the launch date for its streaming service
Apple TV+ is launching November 1 while Disney+ is launching November 12.
Iger was very complimentary of Apple in a statement to The New York Times.
"I have the utmost respect for, his team at Apple and for my fellow board members. Apple is one of the world's most admired companies, known for the quality and integrity of its products and its people, and I am forever grateful to have served as a member of the company's board."
Apple responded in kind with its own statement.
"More than anything, Bob is our friend," Apple continued. "He leads with his heart, and he has always been generous with his time and advice. While we will greatly miss his contributions as a board member, we respect his decision, and we have every expectation that our relationship with both Bob and Disney will continue far into the future."
Apple is now left with a board of directors of only seven members.