Disney CEO Bob Iger, Who Took Steve Jobs Seat, Resigns From Apples Board

 fortune.com  09/13/2019 22:21:18 

Disney CEO Bob Iger resigned from Apples board of directors earlier this week, Apple noted in a SEC filing the company made Friday.

The timing of Iger's departure from Apple's board comes as both the tech giant and the entertainment monolith both prepare to launch video streaming services this fall. The services, named Apple TV Plus and Disney Plus, appear to be in direct competition in the streaming video market.

"It has been an extraordinary privilege to have served on the Apple board for 8 years, and I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members, Iger said in a statement. Apple is one of the worlds 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 companys board.

Igers resignation is not a surprise, though it came on Sept. 10, the day Apple announced the price and release date for Apple TV Plus. It will be available starting Nov. 1 for $4.99 a month. Disneys service, meanwhile, is called Disney Plus, and will launch days later on Nov. 12. It will cost subscribers $6.99 a month.

According to a 2018 SEC filing, Apple paid Iger $382,000 in non-employee compensation (as well as stock awards) for serving as a director. According to Forbes, Iger's 2019 net worth is estimated to be $690 million.

Iger was a good friend with late Apple CEO Steve Jobs, and established a business partnership between the two companies. Shortly after taking over Disneyin 1999, Iger and Jobs penned a deal putting Disney content on Apples newly-established iTunes platform.

Before he died in 2011, Jobs requested that Iger replace him on the Apple board once he was gonea position the CEO of Disney holds to this day, Fortune wrote in 2014.

Occasionally we would stand in front of a whiteboard and talk about ideas, Iger said of his time with Jobs. Wed just muse on business. When you think about it, medias the intersection of content and technologyits all about storytelling, like photography and the camera. So wed talk about that a lot, the intersection between the story and the gadget.

More must-read stories from Fortune:

Some viewers will get a free, early look at Disneys new streaming service
Disneys latest blockbuster isnt Star Warsits the streaming wars
Apple TV+ isnt trying to compete with Netflix. It just wants a bit of your timeWill Apples new streaming service mean upside for investors?
Why your favorite brand names are starting to look like math problems
Follow Fortune on Flipboard to stay up-to-date on the latest news and analysis.

« Go back