Disney's Bob Iger Resigns From Apple's Board of Directors
Disney chief executive and chairman Bob Iger has resigned from Apple's board of directors as Apple and Disney prepare to launch competing streaming services, Apple announced today in a filing with the Securities and Exchange Commission.
Iger resigned on September 10, the same day that Apple shared additional information on Apple TV+, which will cost $4.99 per month and will be launching November 1.
With the launches of both the Disney+ streaming service and Apple TV+ looming, there was speculation that Iger was at risk of losing his seat on Apple's board as Disney+ will be a major Apple TV+ competitor.
Both services will offer original streaming television shows and movies, with Disney+ priced at $6.99 per month and also set to launch in November.
Iger in April said that he didn't believe his role on Apple's board was problematic and that at the time, he was leaving board meetings whenever streaming services came up. He said he had to leave infrequently because TV was a "very small business" to Apple comparative to other areas like hardware, but with Apple TV+ set to launch soon, his position has changed.
Bob Iger first joined Apple's board of directors back in 2011, one month after the death of former Apple CEO Steve Jobs.
In a statement shared by The New York Times, Iger called Apple one of the world's most admired companies.
"I have the utmost respect for Tim Cook, 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 in turn called Iger an "exemplary" board member and a trusted business partner.
"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."
With Iger's departure, Apple's board of directors includes seven members, which makes it one of the smallest among the major tech companies. Other board members include Art Levinson, James Bell, Al Gore, Tim Cook, Andrea Jung, Ronald Sugar, and Susan Wagner.