News: Disney CEO Bob Iger quits from Apple board

#Movements

Disney CEO Bob Iger quits from Apple board

The development comes as the two companies prepare to compete head-to-head in the streaming television business.
Disney CEO Bob Iger quits from Apple board

Disney Chief Executive Officer Bob Iger has resigned from Apple's board of directors as the two companies are preparing to launch competing streaming services. As per a filing by Apple to the US Securities and Exchange Commission (SEC), Iger quit on September 10, the day Apple announced price and release date of its streaming service.

Apple said in a statement, “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.”

The board now has seven members: Chairman Arthur D. Levinson (CEO of Alphabet’s biotech R&D company Calico), James A. Bell (the former CFO of Boeing), Al Gore, Andrea Jung (CEO of Grameen America), Ronald Sugar (Former CEO Northtrop Grumman), Susan L. Wagner (Co-Founder of BlackRock), and Apple CEO Tim Cook.

Iger departed Apple's board the same day the company revealed new details about Apple TV+, a $4.99-per-month service that will launch on November 1. Meanwhile, Disney, which earlier this year announced its own streaming service that will feature its iconic children's content and cost $6.99 per month will debut on November 12.

In a statement, Iger said, “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."

Interestingly, Apple and Disney have had a unique relationship dating back to when Apple co-founder Steve Jobs became a Disney director and major shareholder when the entertainment giant bought Pixar, the digital animation studio wherein Jobs owned a majority stake. Iger joined Apple's board in November 2011, a month after Jobs’ death.

Given the fact that Iger has served on Apple's board for eight years and the two companies have had a long association, it will be interesting to see how the competition between their streaming services plays out.

Image Credits:  Vogue

Topics: #Movements, Leadership

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