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Disney's Iger Out As Apple Board Member

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Disney's Iger Out As Apple Board Member

Walt Disney Co (NYSE: DIS) CEO Bob Iger has resigned from Apple Inc. (NASDAQ: AAPL)'s board of directors, as the two companies are poised to compete against each other in the streaming video space.

What Happened

Apple will launch its streaming video service Nov. 1, and Disney will launch its platform Nov. 12.

Iger's presence on Apple's board would be seen as a conflict of interest, and the iPhone maker confirmed Friday Iger is resigning from its board.

In a statement to CNBC, Iger said he is leaving as a "friend" after eight years of service on Apple's board.

"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," the statement said. 

Iger's departure from Apple's board was the subject of wide speculation.

Apple echoed similar sentiments in a statement by CNBC.

The company said Disney is one of its "most trusted business partners" and called Iger a "dedicated, visionary CEO and a role model."

Why It's Important

Apple and Disney will compete in the streaming video space, but the two companies will continue collaborating in other areas, such as sales arrangements and content licensing agreements.

Disney was among the first major companies to develop an app for the iPhone. Iger and late Apple co-founder and CEO Steve Jobs were personal friends.

What's Next

Apple said in a statement it will "greatly miss" Iger's contributions and it has "every expectation" the Apple and Disney relationship will "continue far into the future," according to CNBC.

Apple shares were trading down slightly at $218.56 at the time of publication Monday, while Disney shares were down 0.83% at $136.87. 

Related Links:

Bob Iger Talks Disney's 'Transitional' Q3 With CNBC, Highlights Streaming Business

How Much Does It Cost: Apple TV+ Vs. Disney+ Vs. Hulu Vs. Netflix Vs. Amazon Prime

Posted-In: Apple TV Bob Iger CNBC Disney TVNews Management Media Best of Benzinga

 

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