Bob Iger Steps Away From Apple Board of Directors
The Disney CEO left Sept. 10, the same day Apple unveiled details on its forthcoming streaming service.
Disney CEO Bob Iger has resigned from Apple's board of directors. The tech company said in a filing with the Securities and Exchange Commission that Iger resigned Sept. 10, the same day Apple unveiled details on its Apple TV+ streaming video service.
“I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members,” he said in the statement. “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, in a statement, praised Iger while adding that the company expects to continue to have a relationship with Disney.
"Bob has been an exemplary board member for nearly eight years, and for as long as he has led Disney he has been one of Apple’s most trusted business partners," Apple's statement said. "He is a dedicated, visionary CEO and a role model for an entire generation of business leaders. More than anything, Bob is our friend. 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."
Iger leaves Apple’s board as the technology company becomes a more direct competitor to Disney.
Apple used its event this week to unveil launch details on Apple TV+, the company’s forthcoming streaming video service. The service will launch on Nov. 1, with a $4.99 per month price point.
Disney, meanwhile, will launch its own streaming service Disney+ on Nov. 12 at $6.99 per month. Iger, on a call with Wall Street analysts last month, said Disney+ will "be treated as the most important product that the company has launched" under his leadership.
Of course, as Apple noted in its statement, Disney is also a partner. Disney+ will be available on iOS and Apple TV devices, for example, and Disney movies and TV shows are offered for rent and for sale by Apple.
Iger first joined Apple's board in 2011, and had been chair of the tech company's corporate governance committee. He also served on its compensation committee, according to Apple's annual proxy filing.
In the filing, Apple noted that Disney engages in business dealings with the company. "In the ordinary course of business, Apple enters into arms-length commercial dealings with The Walt Disney Company, including sales arrangements, digital services content licensing agreements, and similar arrangements," the filing said. "Apple does not believe that Mr. Iger has a material direct or indirect interest in any of such commercial dealings."