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.
Apple responded in kind with its own statement.
Apple is now left with a board of directors of only seven members.
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