Walt Disney CEO Robert Iger has resigned from Apple's board of directors as the two companies prepare to compete against each other in the streaming television business.
Iger departed Apple's board the day the company revealed new details about Apple TV+, a $ 4.99 per month service that will launch on November 1. The monthly subscription price for Apple Tv+ undercuts Disney, which earlier this year announced its own streaming service that will feature its children's content and will cost $ 6.99 per month. The Disney+ service will start on November 12.
Apple and Disney's unique relationship dates long back when Apple co-founder Steve Jobs became a Disney directors and a major shareholder when this entertainment giant bought Pixar, the digital animation studio majority owned by Jobs. Igor became an Apple director shortly after Jobs' death in 2011.
"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 said in a statement.
Iger said that he was privileged to have served on Apple's board for eight years.
"I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members," Iger said in a statement.